Collection of statistical information by the European Central Bank

PURPOSE: to amend Regulation (EC) No 2533/98 on the collection of statistical information by the European Central Bank (ECB).

PROPOSED ACT: Recommendation for a Council Regulation.

ROLE OF THE EUROPEAN PARLIAMENT: the Council adopts the act after consulting the European Parliament but without being obliged to follow its opinion.

CONTENT: the ECB recommends amending Regulation (EC) No 2533/98 to address the significant changes in the paradigm of collection, compilation, dissemination and use of statistical information by the European System of Central Banks (ESCBs) owing to digital transformation. These changes have led to a demand for timelier, more frequent and more detailed statistical information but have also offered new possibilities for the more efficient collection of statistical information. These demands and opportunities should be balanced by minimising the associated risks and taking into account the need to reduce the reporting burden.

The proposed amendment of Regulation (EC) No 2533/98 therefore aims to increase the efficiency of production of statistics by the ESCB and the quality and usability of those statistics.

Changes have been made to the articles concerning:

Reference reporting population

The ECB primarily collects statistical information from reporting agents falling within the sector ‘financial corporations’. As a limited number of credit institutions may be classified with the ‘general government’ sector, it is necessary to ensure that they would fall within the limits of the reference reporting population in view of their relevance, in particular in the area of monetary and financial statistics.

When a reporting agent has a branch resident in another country, the branch is recognised as a reporting agent in its own right. To align with the statistical principles of cost-effectiveness and minimisation of the reporting burden, the ECB should also have the right to collect statistical information from reporting agents on entities controlled by them, or on their branches regardless of where they are located, in line with the ‘once-only’ principle.

Modalities for the definition of statistical reporting requirements

When defining and imposing reporting requirements in order to collect the statistical information that is necessary to undertake the ESCB’s tasks, it should be clarified that the ECB may take into account the potential use of such information for the performance of specific tasks concerning policies relating to the prudential supervision of credit institutions.

Imposition of sanctions

In order to enhance the deterrent effect of sanctions for failure to comply with the obligations resulting from ECB regulations or decisions defining and imposing statistical reporting requirements, any failure to fulfil minimum standards in respect of the statistical reporting requirements with which reporting agents must comply should be deemed an infringement. The maximum amount of the sanctions should be increased.

Confidentiality regime

The provisions governing the use and sharing of confidential statistical information within and by the ESCB should be extended and clarified. The exchange of confidential statistical information between the ESCB and the European Statistical System should continue to take place for statistical purposes only.

Administrative to administrative data

Administrative data that are available should be used to the maximum extent possible, regardless of the purpose for which they were originally collected. When such data are integrated with statistical information, the same confidentiality regime should apply as for confidential information.