Statistical Reporting Transition Notices to Building Societies 2007/04
- Dual Reporting (information)
- Electronic transmission for dual reporting (information)
- Forms and Definitions (information)
- Yellow Folders (information)
1. Dual Reporting (information)
At the Building Society Seminar in September this year two excel spreadsheets, to assist with checking the transition to reporting Bank of England returns BT and BE, were demonstrated. The Bank of England will be using these spreadsheets to check your dual reporting of December 2007 data in January 2008. To enable societies to undertake checks for earlier periods, we are now making them (one for the BT and one for the BE) available on our internet site.
Some guidance on how to use these spreadsheets can be found in a worksheet in both files. These spreadsheets create more transparent aggregates to aid the comparison of data reported on the Bank of England and FSA returns. They build on the information provided in the 'mapping document' produced in 2006. However, since its release, and further to queries received from some societies, our assessment of certain mappings has changed: these spreadsheets reflect these changes. They are:
a) The treatment of subscribed capital (MFS1 B3.2). The mapping document states a link to BT item 19A (Working capital for fixed assets provided by non-resident offices). We now believe BT item 19CD better reflects the business which may be reported in MFS1 B3.2. Societies may also wish to consider items in MFS1 B3.1 in relation to BT 19CD rather than BT item 19A. The spreadsheets reflect this by grouping 19A and 19CD together in a line check.
b) The treatment of transit and suspense items. The mapping document states a link between MFS1 B6.3a and BT items 23D (Balances with UK banks) plus 30B (Claims under repo with UK banks). This link also needs to take into account a difference in the treatment of transit and suspense items across the two returns. The MFS1 collects transit and suspense items as memo items to assets and liabilities whereas these are included on balance sheet in Form BT. The spreadsheets reflect this by netting liabilities and assets transit and suspense items within this check. MFS1 BML1 and BMA1 are also added to the total liabilities and assets check. The following mapping document references also require amending: BMA1 should equal BT22+BT33+BT34 for each currency box and BMA1a should equal BT£33 and BT£34.
c) The treatment of derivatives (MFS1 B4.5 and B10). The mapping document states a link between MFS1 B4.5 and (part of) BT item 19B (Net liabilities under financial derivatives). We understand that that a society reports derivatives positions under IFRS then these will be reported gross in MFS1 B4.5 and MFS1 B10 whereas if a society reports under UKGAAP then positions will be reported off balance sheet. In either case the mapping document will not work. The spreadsheets reflect this by asking for derivatives positions to be excluded from the check that includes MFS1 B4.5 and MFS1 B10. These positions should also be excluded from the total liabilities and total assets checks. If this understanding is incorrect from your institution's perspective, then please notify us when submitting your dual reports.
d) The treatment of interest accrued on shares (MFS1 B1.3). The mapping document states a link to BT item 19CCB (Other interest payable) but this should be amended to link to BT 19CCA (Interest on sight and time deposits). The spreadsheets are unaffected by this revision, but the mapping document reference requires amending.
When undertaking these checks differences may exist, the reasons for which may be entirely valid. These will be followed up with institutions bilaterally, but if reasons for variations are known it would be appreciated if this information could be provided when submitting the dual reports.
Only those building societies who have been asked to report the BT and BE on a monthly frequency from end-January 2008 onwards, should provide both of these returns for the dual reporting exercise (end-December 2007 data). All other societies, i.e. BT quarterly frequency reporters, should only report a BT form for the dual reporting exercise.
Dual reporting requirements were set out in a letter from David Hyett sent on 20 July 2007 to each society.
Should you wish to discuss the spreadsheets or the dual reporting process in more detail, please contact Jenny Dawuda (Tel. 020 7601 5481), Sue Docker (Tel. 020 7601 3236) or Stephen Burgess (Tel. 020 7601 5356).
Related resources
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Dual Reporting Checking template for Forms BT and BE |
2. Electronic Transmission for dual reporting (information)
Please send all electronic reporting transmissions for dual reporting to mfsd_ebeers_bsoc@bankofengland.co.uk
If you have any queries with this, please contact Leslie Lambert (Tel. 020 7601 4544) or Emily Fields (Tel. 020 7601 5501).
3. Forms and Definitions (information)
The website has been amended to reflect the changes made to forms from end-October 2007 reporting.
All forms and definitions can be located as below . If you have bookmarked the old webpage, you will redirected to the new page.
If you have any queries with this, please contact Emily Fields (Tel.020 7601 5501).
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Forms, Definitions and Validations page |
4. Yellow Folder (information)
A Yellow Folder containing all the statistical forms, validations and definitions has now been sent to each building society. The Notes and Definitions section has now also been sent and a revised Classification of Accounts Guide will be sent out in early 2008.
Bank of England
Monetary & Financial Statistics Division
20 December 2007
