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L 209/2 EN Official Journal of the European Union 20.8.2018
GUIDELINES
GUIDELINE (EU) 2018/1151 OF THE EUROPEAN CENTRAL BANK
of 2 August 2018
amending Guideline ECB/2011/23 on the statistical reporting requirements of the European
Central Bank in the field of external statistics (ECB/2018/19)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in
particular Articles 3.1, 3.3, 5.1, 12.1, 14.3 and 16 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 4 thereof,
Whereas:
(1) In order to respond to increasing analytical needs, for monetary policy and financial stability purposes, stemming
from the financial and economic crises, the consequences of globalisation (e.g. financial engineering and
increased complexity of multinational firms), and financial innovation, quarterly balance of payments and inter
national investment positions statistics need to be further enhanced. In addition, further integration between
quarterly balance of payments and international investment position statistics and national (including sectoral)
accounts statistics is required.
(2) The non-financial corporate sector is economically very important, but is not yet separately covered in Guideline
ECB/2011/23 (2). Moreover, the significance of the individual sub-sectors of non-monetary financial institutions
for the financing of the economy is still growing, which increases the importance of collecting information on
these sub-sectors for the sake of transparency and to enhance economical and financial analysis.
(3) Exchange rate risks and currency imbalances are increasingly relevant in the context of globalisation and financial
integration, as identified in the G20 Data Gaps Initiative. As a first step towards a better understanding of these
risks, and to shed further light on the development of the relative importance of key currencies, comprehensive
information on the currency of denomination of international investment positions should be reported on
a quarterly basis.
(4) For a thorough bilateral analysis of the transactions and international investment positions of the euro area
vis-à-vis its main trading partners, improvements to the geographical detail are needed so that all G-20 countries
are individually identified. Moreover, data quality considerations, i.e. bilateral asymmetries analysis, require the
collection of quarterly data on bilateral transactions and positions between all Member States.
(5) Consistency between balance of payments and international investment position statistics on the one hand and
national (including sectoral) accounts statistics on the other is of paramount importance in the efforts to improve
data quality. The methodologies underlying the compilation of these two data sets are identical; thus data from
the two statistical domains are frequently combined for analytical purposes. It is therefore important that
sufficient detail by instrument type is available in the balance of payments and international investment positions
statistics to allow for precise combination of the two data sets.
(6) The compilation and release of euro area aggregates for all the new data requirements should be accompanied by
a comprehensive release of the respective national data sets to enable a meaningful cross-country analysis of this
information. The publishable national data sets should not contain confidential statistical information according
to Regulation (EC) No 2533/98.
(1) OJ L 318, 27.11.1998, p. 8.
(2) Guideline 2012/120/EU of the European Central Bank of 9 December 2011 on the statistical reporting requirements of the European
Central Bank in the field of external statistics (ECB/2011/23) (OJ L 65, 3.3.2012, p. 1).20.8.2018 EN Official Journal of the European Union L 209/3
(7) In order to allow sufficient time to prepare for the necessary changes to national statistical compilation methods,
the national central banks whose currency is the euro should comply with this Guideline from 1 March 2021.
(8) Therefore, Guideline ECB/2011/23 should be amended accordingly,
HAS ADOPTED THIS GUIDELINE:
Article 1
Amendments
Guideline ECB/2011/23 is amended as follows:
1. in Article 1, point (17) is replaced by the following:
‘(17) “publishable national data sets” means the national series identified in the columns under the words
“publishable subset” in Tables 2 and 4 of Annex II, which are subsets of the data presented in the remaining
columns of the respective Tables, and which are not confidential statistical information pursuant to Regulation
(EC) No 2533/98.’;
2. in Article 2, paragraph 1a is deleted;
3. in Article 3a, paragraph 1 is replaced by the following:
‘1. The ECB shall transmit to the NCBs the euro area aggregates it publishes, as well as the publishable national
data sets.’;
4. Article 6 is amended as follows:
(a) paragraph 1 is replaced by the following:
‘1. Without prejudice to the ECB's monitoring tasks as laid down in Annex V, the NCBs shall, in cooperation
with other competent authorities as mentioned in Article 4 where relevant, ensure the monitoring and the
assessment of the quality of statistical information made available to the ECB. The ECB assesses these data in
a similar and timely manner. The Executive Board shall report yearly to the Governing Council on the quality of
the data and make these reports available to the public.’;
(b) paragraph 3 is replaced by the following:
‘3. Where the data for an item in Tables 1 to 5 of Annex II are of negligible or of insignificant size for euro
area and national statistics, or the data for that item cannot be collected at reasonable cost, best estimates based
on sound statistical methodologies shall be permitted provided the analytical value of the statistics is not
compromised. In addition, best estimates shall be permitted for the following breakdowns in Tables 1, 2, 4 and 6
of Annex II:
(a) sub-items of primary income on direct investment and other investment;
(b) sub-items of other primary income and of secondary income;
(c) sub-items of capital transfers in the capital account;
(d) geographical breakdown of financial derivatives liabilities;
(e) reinvested earnings credits on investment funds shares without an ISIN code;
(f) investment income credits on investment funds shares with an ISIN code (until the CSDB is deemed fit for
the appropriate derivation of this item);
(g) breakdown of cross-border banknote shipments by denomination;
(h) sector breakdown of transactions and positions in “currency and deposits” (assets) of “other sectors”;
(i) breakdown of international investment positions by currency of denomination and residual maturity.’;
5. Annexes I and II are amended in accordance with the Annex to this Guideline.L 209/4 EN Official Journal of the European Union 20.8.2018
Article 2
Taking effect and implementation
1. This Guideline shall take effect on the day of its notification to the national central banks of the Member States
whose currency is the euro.
2. The Eurosystem central banks shall comply with this Guideline from 1 March 2021.
Article 3
Addressees
This Guideline is addressed to all Eurosystem central banks.
Done at Frankfurt am Main, 2 August 2018.
For the Governing Council of the ECB
The President of the ECB
Mario DRAGHI20.8.2018 EN Official Journal of the European Union L 209/5
ANNEX
Annexes I and II to Guideline ECB/2011/23 are amended as follows:
1. Annex I is amended as follows:
(a) Section 1 is replaced by the following:
‘1. Balance of payments statistics
The European Central Bank (ECB) requires balance of payments statistics at two frequencies: monthly and
quarterly in respect of the corresponding reference calendar periods. Annual data are compiled by adding up the
quarterly data reported by the Member States for the corresponding year. As far as possible, balance of payments
statistics should be consistent with other statistics provided for the conduct of monetary policy, in particular
quarterly national (including sectoral) accounts and monthly money and banking statistics.
1.1. Monthly balance of payments statistics
Objective
The objective of the monthly balance of payments of the euro area is to show the main items affecting monetary
conditions and exchange markets (see Annex II, Table 1).
Requirements
It is essential that the data are suitable for use in the calculation of the balance of payments of the euro area.
In view of the short deadline for the provision of the monthly balance of payments data, their highly aggregated
nature and their use for monetary policy purposes and foreign exchange operations, the ECB allows some
departure from international standards (see Article 2(4)), where unavoidable. Recording on a full accruals or
transactions basis is not required. Where necessary to meet the deadline, the ECB will accept estimates or
preliminary data, as long as these do not significantly deviate from international standards and the provision of
such estimates or preliminary data ensures sufficient data quality.
The requirement for each broad category of transaction is assets and liabilities (or credits and debits for current
account items). In general this requires NCBs, as regards international transactions, to distinguish between
transactions with residents of other euro area Member States and transactions outside the euro area. NCBs do this
in a consistent manner.
When membership of the euro area changes, NCBs are required to implement the change in the definition of the
country composition of the euro area from the date on which the change in membership takes effect. Best
estimates for historical data covering the enlarged euro area are requested from NCBs of the euro area in its
previous composition and from the NCB of the new euro area Member States.
In order to permit a meaningful aggregation of the data relating to the euro area on a monthly basis in the area
of portfolio investment, a distinction is required between transactions in securities issued by euro area residents
and transactions in securities issued by non-euro area residents. The statistics on net transactions in portfolio
investment assets of the euro area are compiled by aggregating reported net transactions in securities issued by
non-euro area residents. Statistics on net transactions in portfolio investment liabilities of the euro area are
compiled by consolidation of net transactions in total national liabilities and net transactions in securities issued
and purchased by euro area residents.
An analogous reporting requirement and compilation method for the aggregate data are applied for portfolio
investment income.
With a view to compiling the monetary presentation of the balance of payments, NCBs are required to submit
the data broken down by institutional sector. For the monthly balance of payments the following is the sectoral
breakdown:
— for direct investment: (a) deposit-taking corporations except the central bank; (b) money market funds;
(c) general government; (d) other sectors,L 209/6 EN Official Journal of the European Union 20.8.2018
— for portfolio investment assets and other investment: (a) the central bank; (b) deposit-taking corporations
except the central bank; (c) money market funds; (d) general government; (e) other sectors.
With a view to compiling a sectoral breakdown of the balance of payments, thereby allowing the construction of
a monetary presentation, NCBs will be required to provide data on net transactions in portfolio investment
securities issued by euro area residents broken down by the institutional sector to which the issuer belongs. In
addition, portfolio investment liabilities will include a breakdown by institutional sector of the domestic issuer.
The statistics on net transactions in portfolio investment liabilities of the euro area broken down by sector are
then compiled by consolidation of the respective sectors' net total national liabilities and the corresponding net
transactions in securities issued and purchased by euro area residents.
NCBs (and other competent authorities where appropriate) collect portfolio investment data according to one of
the models set out in the table contained in Annex VI.
1.2. Quarterly balance of payments statistics
Objective
The objective of the quarterly balance of payments of the euro area is to provide more detailed information to
permit further analysis of international transactions. Quarterly balance of payments data are also the basis for
detailed country economic monitoring.
These statistics notably contribute to the compilation of the euro area sectoral and financial accounts and to the
joint publication of Union/euro area balance of payments in cooperation with the European Commission
(Eurostat).
Requirements
Quarterly balance of payments statistics conform as far as possible to international standards (see Article 2(4)).
The required breakdown of quarterly balance of payments statistics is presented in Annex II, Table 2. Harmonised
concepts and definitions used in the capital and financial accounts are set out in Annex III.
The breakdown of the quarterly current account is similar to the one required for the monthly figures. However,
for services and income a more detailed breakdown is needed on a quarterly basis.
In the financial account, the ECB follows the requirements of the sixth edition of the International Monetary
Fund (IMF) Balance of Payments and International Investment Position Manual (hereinafter the “BPM6”) for the
“other investment” item. There is a difference in the presentation of the breakdown (i.e. sector as first priority).
This sectoral breakdown is more detailed but remains compatible with the breakdown of the BPM6 where
instruments have priority. As in the BPM6 presentation, currency and deposits are distinguished from loans and
other investments.
NCBs are required to distinguish between transactions with euro area Member States and all other international
transactions. The statistics on net transactions in portfolio investment assets of the euro area are compiled by
aggregating reported net transactions in securities issued by non-euro area residents. Statistics on net transactions
in portfolio investment liabilities of the euro area are compiled by consolidation of net transactions in total
national liabilities and net transactions in securities issued and purchased by euro area residents.
An analogous reporting requirement and compilation method for the aggregate data are applied for portfolio
investment income.
NCBs are also required to submit quarterly data broken down by institutional sector. This data requirement
exceeds the IMF's standard components. NCBs must submit quarterly data for the following sectors: (a) central
banks; (b) deposit-taking corporations, excluding central banks; (c) money market funds; (d) general government;
(e) non-money market fund investment funds; (f) insurance corporations and pension funds; (g) other financial
institutions; (h) non-financial corporations; and (i) households and non-profit institutions serving households.
For compiling the statistics on euro area net transactions in portfolio investment liabilities by sector of the euro
area resident issuers, the requirements for quarterly data are similar to those for monthly balance of payments.
In line with the system of national accounts, the BPM6 recommends that interest should be recorded on an
accruals basis. This requirement affects the current account (investment income) as well as the financial account.’;20.8.2018 EN Official Journal of the European Union L 209/7
(b) Section 3 is replaced by the following:
‘3. International investment position statistics
Objective
The international investment position is a statement of the external assets and liabilities of the euro area as
a whole, for monetary policy and exchange market analysis. In particular, it contributes to the assessment of the
Member States' external vulnerability and to monitoring the developments in holdings of liquid assets abroad by
the money-holding sector. This statistical information is key to the compilation of the rest of the world account
in the euro area quarterly financial accounts. Quarterly international investment position statistics are also the
basis for detailed country economic monitoring, including in the context of the European Commission's macro
economic imbalances procedure (*).
Requirements
The NCBs must deliver international investment position statistics on a quarterly basis in respect of end-of-period
stock levels and revaluations due to exchange rate or other price changes.
The international investment position data conform as far as possible with international standards (see
Article 2(4)). The ECB compiles the international investment position for the euro area as a whole. The
breakdown of the international investment position for the euro area is presented in Annex II, Table 4.
The international investment position shows financial stocks at the end of the reference period, valued at
end-period prices. Changes in the value of stocks could be due to the following factors. First, part of the change
in the value during the reference period will be due to the financial transactions that have taken place and been
recorded in the balance of payments. Second, part of the changes in positions at the beginning and at the end of
a given period will be caused by changes in the prices of the financial assets and liabilities shown. Third, in the
event that stocks are denominated in currencies other than the unit of account used for the international
investment position, changes in the exchange rates vis-à-vis other currencies will also affect the values. Finally,
any other change which is not due to the above factors will be considered as due to other changes in volume
during the period.
A proper reconciliation between the financial flows and stocks of the euro area requires changes in value owing
to price, to exchange rate changes and to other changes in volume to be distinguished.
Coverage of the international investment position should be as close as possible to that for quarterly balance of
payments flows. The concepts, definitions and breakdowns are in line with those used for quarterly balance of
payments flows.
As far as possible, data on the international investment position should be consistent with other statistics, in
particular money and banking statistics and financial accounts.
As for the monthly and quarterly balance of payments, NCBs are required to distinguish in their international
investment position statistics between holdings vis-à-vis euro area Member States and all other international
positions. A distinction between holdings in securities issued by euro area residents and in securities issued by
non-euro area residents is required in the portfolio investment accounts. Statistics on assets in portfolio
investment of the euro area are compiled by aggregating reported assets in securities issued by non-euro area
residents. Statistics on liabilities in portfolio investment of the euro area are compiled by consolidation of total
national liabilities and holdings in securities issued and purchased by euro area residents.
Portfolio investment assets and liabilities within the international investment position are compiled purely from
stock data.
NCBs (and other competent statistical authorities where appropriate) collect, as a minimum, quarterly portfolio
investment stocks of assets and liabilities on a security-by-security basis according to one of the models set out in
the table contained in Annex VI.
(*) Regulation (EU) No 1174/2011 of the European Parliament and of the Council of 16 November 2011 on
enforcement measures to correct excessive macroeconomic imbalances in the euro area (OJ L 306,
23.11.2011, p. 8) and Regulation (EU) No 1176/2011 of the European Parliament and of the Council of
16 November 2011 on the prevention and correction of macroeconomic imbalances (OJ L 306, 23.11.2011,
p. 25).’;2. Annex II is amended as follows:
(a) Table 2 is replaced by the following:
‘Table 2
Quarterly balance of payments
Publishable subset
Credit Debit
Credit Debit
1. Current account (1) Geo 4d (2) Geo 1 Geo 4d Geo 1
Goods Geo 4 Geo 4 Geo 4d Geo 4d
General merchandise on a balance of payments basis Geo 3 Geo 3 Geo 1 Geo 1
Net exports of goods under merchanting Geo 3 Geo 1
Goods acquired under merchanting (negative credit) Geo 3
Goods sold under merchanting Geo 3
Non-monetary gold Geo 3 Geo 3
Branding — quasi-transit trade adjustment Geo 4 Geo 4
Services Geo 4 Geo 4 Geo 4d Geo 4d
Manufacturing services on physical inputs owned by others Geo 4 Geo 4 Geo 1 Geo 1
Maintenance and repair services not included elsewhere (n.i.e.) Geo 4 Geo 4 Geo 1 Geo 1
Transport Geo 4 Geo 4 Geo 1 Geo 1
Travel Geo 4 Geo 4 Geo 1 Geo 1
Construction Geo 4 Geo 4 Geo 1 Geo 1
Insurance and pension services Geo 4 Geo 4 Geo 1 Geo 1
Financial services Geo 4 Geo 4 Geo 1 Geo 1
Explicitly charged and other financial services Geo 3 Geo 3
Financial intermediation services indirectly measured (FISIM) Geo 3 Geo 3
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Credit Debit
Credit Debit
Charges for the use of intellectual property n.i.e. Geo 4 Geo 4 Geo 1 Geo 1
Telecommunications, computer, and information services Geo 4 Geo 4 Geo 1 Geo 1
Other business services Geo 4 Geo 4 Geo 1 Geo 1
Research and development services Geo 3 Geo 3
Professional and management consulting services Geo 3 Geo 3
Technical, trade-related, and other business services Geo 3 Geo 3
Personal, cultural and recreational services Geo 4 Geo 4 Geo 1 Geo 1
Government goods and services n.i.e. Geo 4 Geo 4 Geo 1 Geo 1
Primary income Geo 4d Geo 1 Geo 4d Geo 1
Compensation of employees Geo 4 Geo 4 Geo 1 Geo 1
Investment income Geo 4d Geo 1 Geo 4d Geo 1
By resident sector (Sec 2d) (3) Geo 1 Geo 1 Geo 1 Geo 1
Direct investment Geo 4d Geo 4d Geo 4d Geo 4d
Equity (dividends and reinvested earnings) Geo 4 Geo 4 Geo 2 Geo 2
In direct investment enterprises Geo 3 Geo 3
In direct investor (reverse investment) Geo 3 Geo 3
Between fellow enterprises Geo 3 Geo 3
By resident sector (Sec 2) Geo 2 Geo 2
Of which: reinvested earnings Geo 4 Geo 4 Geo 1 Geo 1
By resident sector (Sec 2) Geo 2 Geo 2
Debt instruments Geo 4 Geo 4 Geo 2 Geo 2
In direct investment enterprises Geo 3 Geo 3
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Credit Debit
Credit Debit
In direct investor (reverse investment) Geo 3 Geo 3
Between fellow enterprises Geo 3 Geo 3
Of which: interest before FISIM allocation Geo 3 Geo 3
Of which: interest Geo 1 Geo 1 Geo 1 Geo 1
By resident sector (Sec 2) Geo 2 Geo 2
Portfolio investment Geo 4d Geo 1 Geo 4d Geo 1
Equity and investment fund shares Geo 4 Geo 1 Geo 2 Geo 1
Equity securities Geo 1 Geo 1 Geo 1 Geo 1
Dividends
By resident sector (Sec 2) Geo 3 Geo 1
By counterpart issuer sector (Sec 2) Geo 2
Investment fund shares Geo 1 Geo 1 Geo 1 Geo 1
Dividends
By resident sector (Sec 2) Geo 3 Geo 1
By counterpart issuer sector (Sec 2) Geo 2
Reinvested earnings
By resident sector (Sec 2) Geo 3 Geo 1
By counterpart issuer sector (Sec 2) Geo 2
Debt securities Geo 2 Geo 1 Geo 2 Geo 1
Short-term Geo 4 Geo 1 Geo 2 Geo 1
Interest
By resident sector (Sec 2) Geo 3 Geo 1
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Credit Debit
Credit Debit
By counterpart issuer sector (Sec 2) Geo 2
Long-term Geo 4 Geo 1 Geo 2 Geo 1
Interest
By resident sector (Sec 2) Geo 3 Geo 1
By counterpart issuer sector (Sec 2) Geo 2
Other investment Geo 4 Geo 4 Geo 4d Geo 4d
Withdrawals from income of quasi-corporations Geo 3 Geo 3
Interest Geo 3 Geo 3 Geo 1 Geo 1
By resident sector (Sec 2) Geo 2 Geo 2
Of which: interest on special drawing rights (SDRs) Geo 1
Of which: interest before FISIM allocation Geo 3 Geo 3
By resident sector (Sec 2) Geo 2 Geo 2
Investment income attributable to policyholders in insurance, pension schemes, and Geo 3 Geo 3
standardised guarantee schemes
By resident sector (Sec 2) Geo 2 Geo 2
Reserve assets Geo 3 Geo 1
Of which: interest Geo 3
Other primary income Geo 4 Geo 4 Geo 2 Geo 2
General government Geo 3 Geo 3
Taxes on production and on imports Geo 3, UIs Geo 3, UIs
Taxes on products Geo 3, UIs Geo 3, UIs
Other taxes on production Geo 3, UIs Geo 3, UIs
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Credit Debit
Credit Debit
Subsidies Geo 3, UIs Geo 3, UIs
Subsidies on products Geo 3, UIs Geo 3, UIs
Other subsidies on production Geo 3, UIs Geo 3, UIs
Rents Geo 3 Geo 3
Other sectors Geo 3 Geo 3
Taxes on production and on imports Geo 3, UIs Geo 3, UIs
Taxes on products Geo 3, UIs Geo 3, UIs
Other taxes on production Geo 3, UIs Geo 3, UIs
Subsidies Geo 3, UIs Geo 3, UIs
Subsidies on products Geo 3, UIs Geo 3, UIs
Other subsidies on production Geo 3, UIs Geo 3, UIs
Rents Geo 3 Geo 3
Secondary income Geo 4 Geo 4 Geo 2 Geo 2
General government Geo 3 Geo 3 Geo 1 Geo 1
Current taxes on income, wealth, etc. Geo 3
Social contributions Geo 3
Social benefits Geo 3
Current international cooperation Geo 3, UIs Geo 3, UIs
Miscellaneous current transfers Geo 3 Geo 3
Value added tax and gross national income-based Union own resources Union Institutions
Other sectors Geo 3 Geo 3 Geo 1 Geo 1
Current taxes on income, wealth, etc. Geo 3
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Credit Debit
Credit Debit
Social contributions Geo 3 Geo 3
Social benefits Geo 3 Geo 3
Net non-life insurance premiums Geo 3 Geo 3
Non-life insurance claims Geo 3 Geo 3
Miscellaneous current transfers Geo 3 Geo 3
Of which: personal transfers (between resident and non-resident households) Geo 3 Geo 3
Of which: workers' remittances Geo 4 Geo 4 Geo 1 Geo 1
Adjustment for change in pension entitlements Geo 3 Geo 3
2. Capital account Geo 4 Geo 4 Geo 4d Geo 4d
Gross acquisitions/disposals of non-produced non-financial assets Geo 3 Geo 3 Geo 1 Geo 1
Capital transfers Geo 3 Geo 3 Geo 1 Geo 1
General government Geo 3 Geo 3
Capital taxes Geo 3
Investment grants Geo 3 Geo 3
Other capital transfers Geo 3 Geo 3
Of which: debt forgiveness Geo 3 Geo 3
Other sectors Geo 3 Geo 3
Capital taxes Geo 3
Investment grants Geo 3
Other capital transfers Geo 3 Geo 3
Of which: debt forgiveness Geo 3 Geo 3
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Net acquisition of Net incurrence of
Net
financial assets liabilities Net acquisition of Net incurrence of
Net
financial assets liabilities
3. Financial account Geo 2 (4) Geo 1 Geo 1 Geo 2 (4) Geo 1 Geo 1
Direct investment Geo 4d Geo 4d Geo 4d Geo 4d
By resident sector (Sec 2d) Geo 1 Geo 1 Geo 1 Geo 1
Equity and investment fund shares Geo 4 Geo 4 Geo 2 Geo 2
In direct investment enterprises Geo 3 Geo 3
In direct investor (reverse investment) Geo 3 Geo 3
Between fellow enterprises Geo 3 Geo 3
a. Equity securities
Listed shares
By resident sector (Sec 2) Geo 2 Geo 2
Unlisted shares and other equity
By resident sector (Sec 2) Geo 2 Geo 2
b. Investment fund shares Geo 2 Geo 2
Of which: reinvestment of earnings Geo 1 Geo 1
Debt instruments Geo 4 Geo 4 Geo 2 Geo 2
In direct investment enterprises Geo 3 Geo 3
In direct investor (reverse investment) Geo 3 Geo 3
Between fellow enterprises Geo 3 Geo 3
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Net acquisition of Net incurrence of
Net
financial assets liabilities Net acquisition of Net incurrence of
Net
financial assets liabilities
Debt securities
By resident sector (Sec 2) Geo 2 Geo 2
Loans
By resident sector (Sec 2) Geo 2 Geo 2
Trade credits and advances
By resident sector (Sec 2) Geo 2 Geo 2
Other debt instruments
By resident sector (Sec 2) Geo 2 Geo 2
Portfolio investment Geo 4d Geo 1 Geo 4d Geo 1
Equity and investment fund shares Geo 4 Geo 1 Geo 2 Geo 1
Equity securities Geo 1 Geo 1 Geo 1 Geo 1
By resident sector (Sec 2) Geo 3 Geo 1
Listed shares Geo 2 Geo 1
Unlisted shares Geo 2 Geo 1
By resident sector (Sec 2d) Geo 1 Geo 1
Listed shares Geo 1 Geo 1
Unlisted shares Geo 1 Geo 1
By counterpart issuer sector (Sec 2)
Listed shares Geo 2
Unlisted shares Geo 2
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Net acquisition of Net incurrence of
Net
financial assets liabilities Net acquisition of Net incurrence of
Net
financial assets liabilities
Investment fund shares Geo 1 Geo 1 Geo 1 Geo 1
By resident sector (Sec 2) Geo 3 Geo 1
By resident sector (Sec 2d) Geo 1 Geo 1
By counterpart issuer sector (Sec 2) Geo 2
Of which: reinvestment of earnings Geo 1 Geo 1
Debt securities Geo 2 Geo 1 Geo 2 Geo 1
Short-term Geo 4 Geo 1 Geo 2 Geo 1
By resident sector (Sec 2) Geo 3 Geo 1
By resident sector (Sec 2d) Geo 1 Geo 1
By counterpart issuer sector (Sec 2) Geo 2
Long-term Geo 4 Geo 1 Geo 2 Geo 1
By resident sector (Sec 2) Geo 3 Geo 1
By resident sector (Sec 2d) Geo 1 Geo 1
By counterpart issuer sector (Sec 2) Geo 2
Financial derivatives (other than reserves) and em Geo 1 Geo 1
ployee stock options
By resident sector (Sec 2) Geo 3
Other investment Geo 4 Geo 4 Geo 4d Geo 4d
By resident sector (Sec 2r) Geo 1 Geo 1 Geo 1 Geo 1
Other equity Geo 1 Geo 1 Geo 1 Geo 1
By resident sector (Sec 2) Geo 3 Geo 3
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Net acquisition of Net incurrence of
Net
financial assets liabilities Net acquisition of Net incurrence of
Net
financial assets liabilities
Currency and deposits Geo 2 Geo 2 Geo 2 Geo 2
Of which: euro currency Geo 1 Geo 1
By resident sector (Sec 2)
Short-term Geo 3 Geo 3
Of which: intra-Eurosystem claims/liabilities Geo 1 Geo 1
Long-term Geo 3 Geo 3
By resident sector (Sec 2r) Geo 1 Geo 1
Short-term Geo 1 Geo 1
Long-term Geo 1 Geo 1
Loans Geo 2 Geo 2 Geo 2 Geo 2
By resident sector (Sec 2)
Short-term Geo 3, IMF Geo 3, IMF
Long-term Geo 3, IMF Geo 3, IMF
By resident sector (Sec 2r) Geo 1 Geo 1
Short-term Geo 1 Geo 1
Long-term Geo 1 Geo 1
Insurance, pension schemes and standardised guarantee Geo 1 Geo 1 Geo 1 Geo 1
schemes
By resident sector (Sec 2) Geo 3 Geo 3
Trade credits and advances Geo 2 Geo 2 Geo 2 Geo 2
By resident sector (Sec 2)
Short-term Geo 3 Geo 3
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Net acquisition of Net incurrence of
Net
financial assets liabilities Net acquisition of Net incurrence of
Net
financial assets liabilities
Long-term Geo 3 Geo 3
Of which: Non-financial corporations Geo 1 Geo 1
Other accounts receivable/payable Geo 1 Geo 1 Geo 1 Geo 1
By resident sector (Sec 2)
Short-term Geo 3 Geo 3
Long-term Geo 3 Geo 3
SDRs Geo 1 Geo 1
Reserve assets Geo 3 Geo 1
4. Balancing Items
Balance on goods and services Geo 4 Geo 4d
Current account balance Geo 1 Geo 1
Net lending (+)/net borrowing (–) (balance from current Geo 1 Geo 1
and capital account)
Net lending (+)/net borrowing (–) (from financial account) Geo 1 Geo 1
Net errors and omissions Geo 1 Geo 1
5. Memo items
Direct investment (extended directional principle) Outward Inward Outward Inward
Investment income Geo 1 Geo 1 Geo 1 Geo 1
Financial transactions Geo 1 Geo 1 Geo 1 Geo 1
(1) Concepts and definitions of selected items are specified in Annex III.
(2) The details of the required geographical breakdowns are specified in Table 7.
(3) The details of the required institutional sector breakdowns are specified in Table 8.
(4) Including net transactions (net acquisitions of financial assets minus net incurrence of liabilities) in financial derivatives.’
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20.8.2018(b) Table 2A is deleted;
(c) Table 4 is replaced by the following:
‘Table 4
Quarterly international investment position
Publishable subset
Assets (/outward) Liabilities (/inward) Net
Positions
Revalua Revalua Revalua Revalua Revalua
tions due to tions due to tions due to tions due to tions due to
Positions Positions Assets Liabilities Net
exchange other price exchange other price other price
rate changes changes rate changes changes changes
1. Financial account(1) Geo 2(2) Geo 1 Geo2 Geo 1 Geo1(5)
Direct investment Geo 4d Geo 4d Geo 4d Geo 4d
By resident sector (Sec 2d)(3) Geo 1 Geo 1 Geo 1 Geo 1
Equity and investment fund shares Geo 4 Geo 4 Geo 2 Geo 2
In direct investment enterprises Geo 2 Geo 2
In direct investor (reverse investment) Geo 2 Geo 2
Between fellow enterprises Geo 2 Geo 2
a. Equity securities
Listed shares
By resident sector (Sec 2) Geo 2 Geo 2 Geo 2 Geo 2 Geo 2 Geo 2
Unlisted shares and other equity
By resident sector (Sec 2) Geo 2 Geo 2 Geo 2 Geo 2 Geo 2 Geo 2
b. Investment fund shares Geo 2 Geo 2
Debt instruments Geo 4 Geo 4 Geo 2 Geo 2
In direct investment enterprises Geo 2 Geo 2
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Assets (/outward) Liabilities (/inward) Net
Positions
Revalua Revalua Revalua Revalua Revalua
tions due to tions due to tions due to tions due to tions due to
Positions Positions Assets Liabilities Net
exchange other price exchange other price other price
rate changes changes rate changes changes changes
In direct investor (reverse investment) Geo 2 Geo 2
Between fellow enterprises Geo 2 Geo 2
Debt securities
By resident sector (Sec 2) Geo 2 Geo 2 Geo 2 Geo 2 Geo 2 Geo 2
Loans
By resident sector (Sec 2) Geo 2 Geo 2 Geo 2 Geo 2
Trade credits
By resident sector (Sec 2) Geo 2 Geo 2 Geo 2 Geo 2
Other debt instruments
By resident sector (Sec 2) Geo 2 Geo 2 Geo 2 Geo 2 Geo 2 Geo 2
Portfolio investment Geo 4d Geo 1 Geo 4d Geo 1
Equity and investment fund shares Geo 4 Geo 1 Geo 2 Geo 1
By currency of denomination (Cur 1)(4) Geo 1 Geo 1
Equity securities Geo 1 Geo 1 Geo 1 Geo 1
By resident sector (Sec 2) Geo 3 Geo 1
Listed shares Geo 2 Geo 2 Geo 2 Geo 1 Geo 1 Geo 1
Unlisted shares Geo 2 Geo 2 Geo 2 Geo 1 Geo 1 Geo 1
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209/20
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20.8.2018Publishable subset
Assets (/outward) Liabilities (/inward) Net
Positions
Revalua Revalua Revalua Revalua Revalua
tions due to tions due to tions due to tions due to tions due to
Positions Positions Assets Liabilities Net
exchange other price exchange other price other price
rate changes changes rate changes changes changes
By resident sector (Sec 2d) Geo 1 Geo 1
By counterpart issuer sector (Sec 2)
Listed shares Geo 2 Geo 2 Geo 2
Unlisted shares Geo 2 Geo 2 Geo 2
Investment fund shares Geo 1 Geo 1 Geo 1 Geo 1
By resident sector (Sec 2) Geo 2 Geo 2 Geo 2 Geo 1 Geo 1 Geo 1
By resident sector (Sec 2d) Geo 1 Geo 1
By counterpart issuer sector (Sec 2) Geo 2 Geo 2 Geo 2
Debt securities Geo 2 Geo 1 Geo 2 Geo 1
Short-term Geo 4 Geo 1 Geo 2 Geo 1
By resident sector (Sec 2) Geo 3 Geo 2 Geo 2 Geo 1 Geo 1 Geo 1
By resident sector (Sec 2d) Geo 1 Geo 1
By counterpart issuer sector (Sec 2) Geo 2 Geo 2 Geo 2
By currency of denomination (Cur 1) Geo 2 Geo 1
Long-term Geo 4 Geo 1 Geo 2 Geo 1
By resident sector (Sec 2) Geo 3 Geo 2 Geo 2 Geo 1 Geo 1 Geo 1
With redemption due in one year or Geo 1
less
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209/21Publishable subset
Assets (/outward) Liabilities (/inward) Net
Positions
Revalua Revalua Revalua Revalua Revalua
tions due to tions due to tions due to tions due to tions due to
Positions Positions Assets Liabilities Net
exchange other price exchange other price other price
rate changes changes rate changes changes changes
With redemption due in more than Geo 1
one year
By resident sector (Sec 2d) Geo 1 Geo 1
By counterpart issuer sector (Sec 2) Geo 2 Geo 2 Geo 2
By currency of denomination (Cur 1) Geo 2 Geo 1
Financial derivatives (other than reserves) Geo 4 Geo 4 Geo 1 Geo 1 Geo 1 Geo 1
and employee stock options
By resident sector (Sec 2) Geo 2 Geo 2 Geo 2
By resident sector (Sec 2r) Geo 1
Other investment Geo 4 Geo 4 Geo 4d Geo 4d
By resident sector (Sec 2) Geo 2 Geo 2 Geo 2 Geo 2 Geo 2 Geo 2
By resident sector (Sec 2d) Geo 1 Geo 1
By currency of denomination (Cur 1) Geo 1 Geo 1
Other equity Geo 1 Geo 2 Geo 2 Geo 1 Geo 2 Geo 2 Geo 1 Geo 1
By resident sector (Sec 2) Geo 2 Geo 2
Currency and deposits Geo 4 Geo 2 Geo 4 Geo 2 Geo 2 Geo 2
Of which: euro currency Geo 1 Geo 1
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20.8.2018Publishable subset
Assets (/outward) Liabilities (/inward) Net
Positions
Revalua Revalua Revalua Revalua Revalua
tions due to tions due to tions due to tions due to tions due to
Positions Positions Assets Liabilities Net
exchange other price exchange other price other price
rate changes changes rate changes changes changes
By resident sector (Sec 2)
Short-term Geo 3 Geo 3
Of which: intra-Eurosystem claims/li Geo 1 Geo 1
abilities
Long-term Geo 3 Geo 3
By resident sector (Sec 2r) Geo 1 Geo 1
Short-term Geo 1 Geo 1
Long-term Geo 1 Geo 1
By currency of denomination (Cur 1) Geo 1 Geo 1
Loans Geo 4 Geo 2 Geo 4 Geo 2 Geo 2 Geo 2
By resident sector (Sec 2)
Short-term Geo 3, Geo 3,
IMF IMF
Long-term Geo 3, Geo 3,
IMF IMF
By resident sector (Sec 2r) Geo 1 Geo 1
Short-term Geo 1 Geo 1
Long-term Geo 1 Geo 1
By currency of denomination (Cur 1) Geo 1 Geo 1
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209/23Publishable subset
Assets (/outward) Liabilities (/inward) Net
Positions
Revalua Revalua Revalua Revalua Revalua
tions due to tions due to tions due to tions due to tions due to
Positions Positions Assets Liabilities Net
exchange other price exchange other price other price
rate changes changes rate changes changes changes
Insurance, pension schemes, and standard Geo 1 Geo 2 Geo 2 Geo 1 Geo 2 Geo2 Geo 1 Geo 1
ised guarantee schemes
By resident sector (Sec 2) Geo 3 Geo 3
Trade credits and advances Geo 4 Geo 2 Geo 4 Geo 2 Geo 2 Geo 2
By resident sector (Sec 2)
Short-term Geo 3 Geo 3
Long-term Geo 3 Geo 3
Of which: non-financial corporations Geo 1 Geo 1
By currency of denomination (Cur 1) Geo 1 Geo 1
Other accounts receivable/payable Geo 1 Geo 2 Geo 1 Geo 2 Geo 1 Geo 1
By resident sector (Sec 2)
Short-term Geo 3 Geo 3
Long-term Geo 3 Geo 3
SDRs Geo 1 Geo 1 Geo 1
2. Memo items
Total financial account (excluding reserve
assets and financial derivatives and em
ployee stock options)
By currency of denomination (Cur 1)
Monetary financial institutions (MFIs) Geo 1 Geo 1
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20.8.2018Publishable subset
Assets (/outward) Liabilities (/inward) Net
Positions
Revalua Revalua Revalua Revalua Revalua
tions due to tions due to tions due to tions due to tions due to
Positions Positions Assets Liabilities Net
exchange other price exchange other price other price
rate changes changes rate changes changes changes
General government Geo 1 Geo 1
Other sectors Geo 1 Geo 1
Non-money market fund (MMF) in Geo 1 Geo 1
vestment funds
Insurance corporations and pension Geo 1 Geo 1
funds
Other financial institutions Geo 1 Geo 1
Non-financial corporations Geo 1 Geo 1
Households and non-profit institu Geo 1 Geo 1
tions serving households (NPISHs)
External debt
Gross external debt
By resident sector (Sec 2d) Geo 1 Geo 1
Net external debt
By resident sector (Sec 2d) Geo 1 Geo 1
Direct investment (extended directional Geo 1 Geo 1 Geo 1 Geo 1
principle)
(1) Concepts and definitions of selected items are specified in Annex III.
(2) The details of the required geographical breakdowns are specified in Table 7.
(3) The details of the required institutional sector breakdowns are specified in Table 8.
(4) The details of the required currency of denomination breakdowns are specified in Table 9.
(5) The detail is also part of the full requirement’
(d) Table 4A is deleted.
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209/25(e) Table 7 is replaced by the following:
‘Table 7
Geographical breakdowns
Geo 0 Geo 1 Geo 2 Geo 3 Geo 4 Geo 4d
Domestic + rest of Rest of the world Rest of the world Rest of the world Rest of the world Rest of the world
the world
Intra-euro area Intra-euro area Intra-euro area Intra-euro area
Extra-euro area Extra-euro area Extra-euro area Extra-euro area
Intra-Union Intra-Union Intra-Union
Extra-Union Extra-Union Extra-Union
Individual Union Member States, the ECB and the G-20 countries (outside the
European Stability Mechanism (ESM) euro area)
Offshore financial centres Of which: United Kingdom
Of which: Hong Kong Of which: United States’
Union institutions (excluding the ECB and ESM)
Of which: European Investment Bank
International organisations (excluding Union insti
tutions)
Of which: IMF
G-20 countries (outside the euro area)
Argentina
Australia
Brazil
Canada
China
India
Indonesia
Japan
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20.8.2018Geo 0 Geo 1 Geo 2 Geo 3 Geo 4 Geo 4d
Mexico
Russia
Saudi Arabia
South Africa
South Korea
Turkey
United Kingdom
United States
Norway
Switzerland
(f) Table 8 is replaced by the following:
‘Table 8
Sector breakdowns
Sec 1 Sec 2 Sec 2d Sec 2r
Total economy Total economy Total economy Total economy
Central bank Central bank Central bank Central bank
Other MFIs Other MFIs Other MFIs Other MFIs
Deposit-taking corporations except the Deposit-taking corporations except General government General government
central bank the central bank
Other sectors Other sectors’
MMFs MMFs
Of which:
General government General government
Non-MMF investment funds
Other sectors Other sectors
Insurance corporations and pension
Non-MMF investment funds funds
Insurance corporations and pension Other financial institutions
funds
Non-financial corporations
Other financial institutions
Non-financial corporations
Households and NPISHs
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209/27L 209/28 EN Official Journal of the European Union 20.8.2018
(g) The following Table 9 is added:
‘Table 9
Currency of denomination breakdown
Cur 1
Euro
US dollar
Japanese yen
Other currencies’