Statistical Notices to Reporting Banks 1999/01
Statistical Notices should be received by all those responsible for the completion of Bank of England returns. To add names to the circulation list please contact us on 020 7601 3644.
- Introduction of Individual Savings Account (ISA) boxes on the Form BT (effective end-April 1999)
- Introduction of Bank of England Euro Bills boxes on the Form BT (effective end-April 1999)
- Holdings of banknotes and coin (reminder - effective end-January 1999)
- A3 Definitions amendments – Correction to Statistical Notice 1998/09 (effective immediately)
- Revised International Forms - Correction to Statistical Notice 1998/09 (CB effective end-February 1999; remainder end-March 1999)
- Forms H1(L), BG and P1 – Amendments and reminders (H1(L) and BG effective end-December 1998; P1 effective end-March 1999
- Scannable Excel 97 versions on the Internet
1. Introduction of Individual Savings Account (ISA) boxes
on the Form BT (effective end-April 1999)
As heralded in Statistical Notice 1998/09 the Bank of England
will require data on the level of the cash component of ISA
deposits which are directly placed with banks by individual
UK residents. To enable these data to be collected in a timely
and structured manner it has been necessary to amend the Form
BT. A new
form with an additional “of which Individual
Savings Accounts” line 3HC is issued with this Statistical
Notice. All ISA cash deposits should be reported within time
deposits due to the tax implications of withdrawing funds.
The following section has been added to the BT definitions:
3HC Individual Savings Accounts
From end-April 1999 enter here
the level of the cash component of ISA deposits that are directly
placed with banks by individual UK residents. Do not report
any cash elements placed en bloc by a non-bank ISA manager
within this line. All ISA cash deposits should be reported
within time deposits due to the tax implications of withdrawing
funds even though some ISAs may allow withdrawal on demand.
2. Bank of England Euro Bills (effective
end-April 1999)
As outlined in the Bank’s press release dated 5 January
1999, during the course of 1999 the Bank of England will take
over from HM Treasury as the issuer of Euro Bills. Bills issued
by the Bank of England will be termed Bank of England Euro
Bills and will be obligations of the Bank of England. Outstanding
UK Government Euro Treasury bills will remain obligations of
HM Treasury until they mature. The Bank plans to make the first
issue of Bank of England Euro Bills in April 1999. Banks’ own
holdings of Bank of England Euro Bills should be entered in
new line 26H and custodial holdings of Bank of England Euro
Bills lodged by non-residents should be entered in new line
AK.
A new Form
BT with the additional “Bank of England
Euro Bills” lines (26H and AK) is issued with this Statistical
Notice.
The definitions to items 23, 26F and AH have been clarified
to exclude Bank of England Euro Bills.
23 Market Loans
exclude:
(h) holdings of Bank of England
Euro Bills (which should be reported in 26H)
26EB, 26EC & 26F Other UK bills and commercial
paper issued by other UK residents
Enter all other holdings of
bills, promissory notes, one-name company paper and other UK
paper not included elsewhere issued by UK residents other than
banks and building societies or by MFIs other than banks or
building societies which are not included elsewhere. Commercial
paper should be identified separately under item 26F, with
other UK bills appearing under item 26E (other UK bills). Bank
of England Euro Bills should be classified separately under
item 26H.
AH Other instruments lodged by non-residents, issued by
UK banks
Include all bonds, FRNs and
other capital market instruments of up to and including five
years’ original maturity issued by banks in the UK and
held on behalf of non-residents (including those issued by
the reporting institution reported under BT item 4). Custodial
holdings of Bank of England Euro Bills lodged by non-residents
should be classified separately under item AK.
The new Form BT, incorporating the ISA and Bank of England
Euro Bills lines, should be completed from end-April
by BT monthly reporters and end-June by BT quarterly reporters.
In addition, the marking of items to assist with the eligible
liabilities calculation (already in place) has also been updated,
and items 48 and 49 (previously completed by discount houses
under transitional arrangements) and their definitions and
validations have been deleted.
Amended validations (internal numbers
29, 30 and 68) remain in their previous positions but new validations
(internal numbers 154 and 155 and cross form numbers 600 to
605) can be found at the end of the lists.
3. Holdings of banknotes and coin (reminder - effective
end-January 1999)
Please note that from end-January 1999, the eleven “in” currencies
that are now fixed against the euro with a view to being replaced
by the euro should be recorded in the euro column on Form BT.
21A Holdings of banknotes and coin
Under sterling include all sterling notes including Bank of
England notes and also notes
issued by the Scottish and Northern Irish banks. Include cash
which the reporting institution has paid into another UK bank
but which has not yet been credited to the reporting institution’s
account in the books of the other UK bank.
Following their eventual issue, holdings of euro-denominated
notes and coins should be entered in the euro column, but from
end-January 1999 holdings of any of the currencies forming
the euro should also be included in the euro column. Other
foreign currency in tills should be entered in the other currencies
column. Holdings of gold sovereigns, including holdings of
foreign gold coin regarded as legal tender in the country of
issue (e.g. Krugerrands), should be reported in the other currencies
column.
4. A3 Definitions amendments – Correction to
Statistical Notice 1998/09 (effective immediately)
The following paragraph is an amendment to one of the re-issued
paragraphs in the last Statistical Notice. We apologise for
any inconvenience.
2B Interest receivable on loans and advances (excluding
under repo agreements)
Enter under this item interest
receivable on other loans and advances (including any denominated
in gold - BT item 35A), including interest debited to loan
or overdrawn accounts as well as to accounts in credit (BT
item 29). Interest from balances with banks, building societies
and other monetary financial institutions should be included
here (BT items 23D, 23GB, 23H & 23K). Where banks charge
interest on a net basis to a customer, this may be reported
as such. Also include here all interest receipts, including
those from bills held, in respect of ECGD bank guaranteed scheme
lending for exports and DTI special scheme lending for shipbuilding
(BT item 27 and 28). Include any subsidies received (net of
any payments).
Interest receivable from non-residents, including all receipts in respect of
ECGD related lending, should be included under item 2B1.
5. Revised International Forms - Correction to Statistical Notice 1998/09 (CB
effective end-February 1999; remainder end-March 1999)
Following the introduction of the euro on 1 January 1999 reporting institutions
will no longer need to identify separately business denominated in Deutschemarks,
French francs, Netherlands guilders, Italian lire, Belgian francs or ECUs on
Forms CC and CL; or that denominated in Deutschemarks, French francs, Netherlands
guilders, Italian lire, Belgian francs, Irish punts, Spanish pesetas or ECUs
on Forms CA, CB and DQ. Revised versions of these forms, which no longer identify
these currencies separately, were included with Statistical Notice 1998/09. Business
denominated in these currencies, along with business denominated in Portuguese
escudos, Finnish markka, Austrian schillings and Luxembourg francs should be
reported within the “euro” boxes on these forms.
Please note that
the old version of Form CB should be used for reporting at end-January 1999 and
the revised version from end-February 1999.
6. Forms H1(L), BG and P1 – Amendments and reminders
(H1(L) and BG effective end-December 1998; P1 effective end-March
1999)
Form H1(L) (reminder)
All reporting institutions
are reminded that the first Form H1(L) is due to be completed
as at end-December 1998 and should
be submitted to the Bank of England by Thursday 25 March 1999.
The Form H1(L) records a geographic breakdown of levels of
direct investment (both inward and outward) with non-residents.
The last time such levels were reported (on the Form H1 Triennial)
was as at end-December 1996. Nil returns will be required.
Reporting institutions submitting the return in paper format
are requested to use the four-letter codes for country names.
For Outward Direct Investment (page 3), the
name of the country in which the reporting institution has
such an investment should be entered in the second row as indicated
on the attached example.
There are no changes to the Inward Direct Investment pages
1 and 2.
Some of the cross form validations between Forms QX and H1(L)
have been deleted because where reporting institutions hold
outward direct investments in non-residents via UK subsidiary
holding companies, the levels reported on both forms would
not equate. These direct investments should be included on
Form H1(L).
The UK subsidiary holding company should continue
to be classified as an ‘other UK resident’ for
balance sheet purposes. A revised list of cross form validations
is attached.
Form BG (reminder)
All reporting institutions are reminded of the requirement
to complete Form BG for the first time as at end-December
1998 for submission by Friday 26 February 1999. Please note
that this form is to be reported for business as at end-December
only.
Form P1 (effective end-March
1999)
The definitions for the Form P1 (Securities Transactions affecting
the Balance of Payments) have been revised to remove the exclusion
of specified securities with an original maturity of less than
one year. A description of instruments that are and are not
to be regarded as securities on Form P1 is provided under note
10 of the accompanying definitions. This updated version brings
the definitions of transactions in portfolio investments into
line with those for levels of the same investments reported
on Forms QX (item 32KD) and CC (items CC5 and CC6).
The new definitions are to be implemented with effect from
the Form P1 dated 31 March 1999.
7. Scannable Excel versions
on the Internet
All statistical forms are now available in Excel format
on the Internet.
Bank of England
Monetary & Financial Statistics Division
28 January 1999
