Statistical Notices to Reporting Banks 2002/06
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 Adam Greenland via e-mail at adam.greenland@bankofengland.co.uk or on 020 7601 5574.
1. Forms PL (replacement to Forms A3 and BP) and EIR (effective January 2004)
As you may be aware from BBA correspondence, a new income and expenditure return is being developed (to replace the current Forms A3 and BP) together with an updated Form EIR. The Bank of England is discussing the detail of these changes with the BBA’s Banking Statistics Advisory Panel. We are releasing the draft forms and definitions now to provide sufficient time for preparations, including coding of IT systems, to meet the planned implementation of January 2004. The first revised Form EIR would be for January 2004. The first Form PL, for quarterly reporters, would be for March 2004 and for annual reporters December 2004. Final versions will be circulated by end-2002. Draft copies of the forms and definitions can be found here (Form EIR, EIR definitions, Form PL, PL definitions).
The rationale for the proposed changes mainly relates to improving the accuracy and timeliness of information available for monetary policy purposes. This includes responding to the changed basis for National Accounts introduced in 1997 under an EU directive introducing the ‘European System of Accounts 1995’ as well as reflecting more recent EU regulation. There are also some requirements to meet the needs of financial stability analysis within the Bank.
The main areas of change within Form PL are:
i. sector detail for certain interest flows
ii. a breakdown of expenditure
iii. product detail for fees and commissions
iv. reporting of provisions
v. reconciliation to published accounts
It is recognised that some of the detail on fees, and data for net spread earnings may prove difficult to provide within the proposed timescales. An extended implementation deadline for the fees items is being considered, along with possible alternative means for banks to provide estimates for net spread earnings. It is also acknowledged that further discussion on the provision of data on non-resident other financial corporations may be needed.
Within Form EIR, changes are focussed on:
i. an expanded population to improve market coverage. Banks
affected by this change will be notified individually by the
end of 2002
ii. more detailed information, including separate rates for
fixed/floating business and for different maturities
iii. inclusion of new business rates
iv. reducing the reporting deadline by 3 working days
Final versions of the forms are expected to be available within the next two to three months but by the end of the year at the latest. We would expect any changes between now and then, on areas other than those highlighted above, to be of a minor nature. The proposals are expected to bring the accuracy of profit and loss data in line with that already collected for the balance sheet and provide for an easier reconciliation to published accounts.
If you have any queries on the Form PL or its definitions please contact Martin Udy via e-mail at martin.udy@bankofengland.co.uk or on 020 7601 4731 or Neil Bush via e-mail at neil.bush@bankofengland.co.uk or on 020 7601 3814. If you have any queries relating to Form EIR please contact Jonathan Bailey via e-mail at jonathan.bailey@bankofengland.co.uk or on 020 7601 5479.
Bank of England
Monetary & Financial Statistics Division
4 September 2002
