Statistical Notices to Reporting Banks 2001/01
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 e-mail Sue Casey (tel. 020 7601 5502).
- RepoClear: inclusion of Austrian and Dutch government bonds (effective immediately)
- Forms A3, BP and BG (effective end-2001 reporting)
- Eligible banks list (update)
- Securities dealers (update)
- Bank holding companies (update)
1. RepoClear: inclusion of Austrian and Dutch government bonds (effective immediately)
In early December, the London Clearing House announced that, RepoClear, its centralised clearing facility for repos backed by German, Belgian and Italian government bonds, would be extended to include Austrian and Dutch government bonds. Further to the guidance set out in statistical notice 2000/01, banks clearing repos through RepoClear and already reporting net positions with the London Clearing House on Bank of England returns are asked to extend their positions to include repos backed by these Austrian and Dutch government bonds with immediate effect.
Banks switching to this reporting in the future are reminded to report their net positions with the London Clearing House as repos or reverse repos with other UK residents (Items 7H or 31H on the Form BT) with a sectoral classification of financial corporations (Items 7H1 or 31H1 on the Form BE), and an industrial classification of other activities auxiliary to financial intermediation (Item 17B on the Forms AD and AL). Institutions should also notify Jenny Dawuda via e-mail at jenny.dawuda@bankofengland.co.uk or on 020 7601 5600, providing details of gross positions and counterparties for that month only so that distortions to calculated flows can be removed from the aggregate data.
2. Forms A3, BP and BG (effective end-2001 reporting)
Non - Calendar Reporting
Reporting banks currently have the option to report data on a non-standard calendar quarter or year (standard calendar quarters are March, June, September and December and standard calendar years are January to December). After consultation with the BBA, the Bank of England has decided that from 2002 onwards all banks must report on a standard calendar basis. Banks that need to change their reporting cycle will be contacted individually and assigned an interim schedule to cover the changeover period.
If you have any queries regarding these changes please contact Will Kerry, via e-mail at will.kerry@bankofengland.co.uk or on 020 7601 4174 for Forms BP and BG or Daniel Wallace, for Form A3, via e-mail at daniel.wallace@bankofengland.co.uk or on 020 7601 3584.
Ahead of this change, the definitions for Forms A3 and BP have been amended so that banks which currently report on a standard calendar basis (i.e. either quarterly at end-March, June, September and December or annually at end-December) may no longer change their reporting cycle onto a non-standard basis. Banks which currently report on a non-standard cycle are free to change to a standard calendar basis ahead of the end 2001 cut off, but should inform the Bank of England before they do so. Any new banks joining the reporting population are required to start completing their returns on a standard calendar basis.
Ending of Cumulative Reporting
As has been previously announced, by writing to individual banks, it has not been acceptable to submit a quarterly A3 or BP form on a cumulative basis since January 2000. These forms and their definitions have now been updated to reflect this.
Direct Investment
The definitions for Form BP have also been clarified to fully explain the treatment of interest payable to or receivable from companies with which reporting institutions have a direct investment relationship (i.e. head office, parent companies, branches, subsidiaries and associates).
The direct investment definitions for Form BG have been clarified in line with the BP form. Furthermore, the BG definitions now explicitly state that institutions reporting their profits as a branch or subsidiary of a non-resident company (BG items 7 and 8) need only allocate the data to the country(ies) where the head office or parent company(ies) is(are) located.
Headings on the forms themselves have also been clarified in line with the above. Please note that none of these amendments constitutes a change to the Bank’s reporting requirements for direct investment data, but rather are designed to assist banks in completing the forms. None of these changes impact on the file formats required for electronic reporting and there is no requirement to amend paper returns for scanning, although new Excel versions of the forms are available on the Bank of England’s website. If you have any questions relating to direct investment data on Forms BP or BG please contact Will Kerry (details as above).
References to BP Item 3A
The definitions for both Forms A3 and BP have been updated to amend an incorrect reference to BP Item 3A in both. The reference should have been to item 3B.
3. Eligible banks list (update)
The Gilt Edged & Money Market area of the Bank recently re-issued the list of institutions whose acceptances are eligible for discount at the Bank of England.
4. Securities dealers (update)
An updated list of securities dealers can be found here. This list will be incorporated within the Classification of Accounts guide in a future statistical notice.
5. Bank holding companies (update)
An updated page 8 of the Sector Definitions section of the Classification of Accounts guide can be found here. The revised list is based on a survey of all UK-incorporated authorised institutions undertaken recently by the Bank of England. It would be appreciated if these institutions would advise the Bank of any necessary additions to (in bold) or deletions from the list arising from group reorganisations, etc. Please contact Graham Clark on 020 7601 5356, or by e-mail at graham.clark@bankofengland.co.uk if you have any changes in the future.
Should the information in any of the three revised lists require reporting institutions to make revisions to reported data, please could details be provided to Jenny Dawuda (contact details on page 1).
Bank of England
Monetary & Financial Statistics Division
5 January 2001
