Statistical Notices to Reporting Banks 2004/04
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 Leigh Church (Tel. 020 7601 3644).
- Form RSL - Gilt repo and Stock Lending Activity (effective immediately)
- BEERS Technical Specification for Form LE3 (effective immediately)
- Form BT definitions (effective immediately)
- Form MM Validations (effective 1 June 2004)
- Forms CA, CC, CL reporting thresholds (effective immediately)
- Form CE definitions (effective immediately)
- Form PL - issues arising from first round (information)
- Contents page for Yellow Folder (update)
1. Form RSL - Gilt repo and Stock Lending Activity
(effective immediately)
In future, all data on Form RSL (Gilt Repo and Stock Lending
Activity) will be collected direct by the Bank rather than the
previous arrangement where certain data on the form could be
reported via ISMA (International Securities Markets Association).
Form RSL can now also be sent electronically via BEERS. The BEERS Technical Specification has been updated to include the RSL; the updated specification is available on our website.
This form is reported only by those institutions requested to do so by the Bank, all reporters that previously reported elements to ISMA, have been written to individually about this change.
If you have any queries regarding electronic reporting please contact Julie Bigwood (Tel. 020 7601 4544).
2. BEERS Technical Specification for Form LE3
(effective immediately)
During the continued testing of the Form LE3, we have discovered
the BEERS Technical Specification is not sufficiently clear
about how the Form LE3 should be sent to us. In sections 31,
32, 33, 35, 36, 37 and 38 the TOT line must be sent along with
the WORL lines even when these sections are a NIL return. The
actual set up of the form has not changed in any way, but we
do require the TOT lines to be sent, along with the WORL lines.
The technical specification has been updated and is available on our website. If you have any queries regarding electronic reporting please contact Julie Bigwood (Tel.020 7610 4544).
3 .Form BT definitions (effective immediately)
The Form BT definitions have been updated in order to clarify
the reporting of factoring and invoice discounting (BT items
29). If a reporting institution engages in factoring or invoice
discounting, all invoices purchased should be reported under
item 29 on the BT form, classified by the sector from which
the invoices were purchased. However, if the invoices are protected
from default, for example with non-recourse factoring, the items
should be classified by the sector to which the invoice was
issued.
Amended pages of the Form BT definitions are attached for insertion in the Yellow Folder.
If you have any queries relating to the reporting of these items, please contact Alison Franklin (Tel. 020 7601 5356).
4. Form MM Validations (effective 1 June
2004)
The Form MM (Specialist Mortgage Institutions, Analysis of Secured
Lending to Individuals & Individual Trusts), is now subject
to an additional formal validation, relating to item MME12.
New formal validations are also available on our website here.
If you have any queries relating to Form MM please contact Michelle Child (Tel. 020 7601 5614).
5. Forms CA, CC, CL reporting thresholds
(effective immediately)
We have recently undertaken a review of the reporting thresholds
and reporting population for Forms CC, CL and CA.
As a result of this review, the reporting threshold has been
changed from:
external business of £100mn in all currencies or external
business of £20mn denominated in sterling;
to
external business of £100mn in all currencies
By 'external business' we are referring to business with non-residents as reported on Form BT. The cross form validations for Forms CC and CL show the relevant boxes on Form BT. Should the sum of these BT boxes exceed the given thresholds on either the claims or the liabilities side of the balance sheet, for two full calendar quarters then it would be necessary to report Forms CC, CL and CA.
We are now in the process of adjusting the reporting populations to reflect this change in the reporting threshold. All banks affected by this change have been notified by letter, all banks that currently report should continue to do so unless otherwise informed by the Bank.
This change is effective immediately, however those banks required to start reporting Forms CC, CL and CA should do so with effect from end December 2004 as advised.
An amended copy of the statistical reporting thresholds can be found here. If you have any queries relating to these forms, please contact Vicki Black (Tel. 020 7601 5573).
6. Form CE definitions (effective immediately)
Following on from our discussions with various reporters, we
have made some amendments to the examples included within the
Form CE definitions. We have also added some text to the definitions
under the heading of "Risk transferring cash collateral",
and an additional example to detail the reporting of cash collateral
has been added under Section A.
The changes made are outlined briefly below:
Section A - Loans and deposits
Example 2: Inward risk transfer should be reported as 'local
currency with local resident' rather than 'cross-border', meaning
this should be reported in column 7.12 not 6.12. Example 7 (previously
6 before the inclusion of the additional example): Inward risk
transfer should be reported as 'cross-border' rather than 'local
currency with local resident', meaning this should be reported
in column 6.12 instead of 7.12.
Section B - Securities
Example 1: Inward risk transfer should be reported in column
6.32 not 6.33 as previously advised.
Example 3: Inward risk transfer should be reported in column
7.32 not 7.33 as previously indicated.
A revised copy of the definitions is attached. If you have any queries relating to the completion of Form CE, please contact Vicki Black (Tel. 020 7601 5573).
The technical specification has also been updated to include Form CE and is available on our website If you have any queries regarding electronic reporting please contact Julie Bigwood (Tel.020 7601 4544).
7. Form PL - issues arising from first round
(information)
The first PL round generally went very well with all banks due
to report submitting by, or within a few days of, the deadline.
The quality level has clearly improved from the level of estimation
allowed for the A3 and BP. The Bank is very appreciative of
the work that has gone into making this step change in the reporting
of income and expenditure data.
There were only two areas where it appears the current definitions have caused a common difficulty. The first is the reporting of interest in relation to foreign direct investment for balance of payments purposes. For the Form BP, it was stated clearly on the form that the interest receivable/payable from/to other group companies was only in respect of loan capital. This clarity was not initially carried over onto the PL and, while Stats Notice 2004/01 was intended to address this, many banks have reported all interest from/to group companies in the equivalent PL box rather than just that in respect of capital. Items 24A and 25A should only include interest receivable/payable from/to other group companies in respect of loan capital.
The second common difficulty relates to the reporting of Sections 31 and 32.Profits or losses should be shown in 31A, 31B, 32A and 32B according to the definition of retained profit (item 21 on Part 1 of the form) less dealing profits (defined in item 8). This was a change introduced on Form PL. This was originally in the appendix to the definitions but has now been moved to the main body of the text and additional wording has been included on the form.
Amended copies of Form PL, validation Form PL and amended pages of the definitions are attached. As a consequence of this clarification the BG form and validation form have been amended and are also attached.
If you have any queries regarding the reporting of the PL form please contact us via email at telephone Richard Button on 0207 601 3814.
8. Contents page for Yellow Folder (update)
Attached.
Bank of England
Monetary & Financial Statistics Division
1 July 2004
