Statistical Notices to Reporting Banks 2005/04
All Statistical Notices are available here.
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 Stuart Jordeson (Tel. 020 7601 3644).
- Increase in frequency of reporting of Form BG (effective Q1 2006 reporting)
- Bank of England Website (information)
- Significant and/or strategic proposals for Bank of England reporting (information)
- Contents page for Yellow Folder (update)
1.Increase in frequency of reporting of Form BG (effective Q1 2006 reporting)
As you may be aware from the Banks' Briefing Seminar held in February, forthcoming European Regulation requires quarterly geographical detail for trade in services and foreign direct investment profits figures from 2006. Investigations have shown that it is not possible to estimate these figures to a reasonable degree of accuracy to meet the regulation and as a result it is necessary to move BG reporting to a quarterly basis for some banks. This will be effective from Q1 2006 with a reporting deadline of eight weeks from end-March 2006.
Whilst we have allowed an extra week beyond the PL reporting deadline, it was not possible to meet our quarterly timetable using the current annual BG deadline of two months. In order to maintain consistency between the reporting deadlines for the annual and quarterly reporters we will be introducing a revised reporting deadline of eight weeks for annual BG reporters, effective from end-2006 reporting.
We plan to keep the quarterly form BG population as small as possible but give all banks within the quarterly form PL population the option to report BG quarterly, if they so wish. All banks reporting the PL quarterly will be notified by letter by the end of June whether they will also need to report a BG quarterly. Some banks have indicated a preference for reporting quarterly for administrative purposes, and any banks reporting the PL form quarterly that wish to report the BG quarterly will be able to do so. All annual PL reporting banks will be required to continue to complete the form BG on an annual basis.
For banks which remain annual BG reporters and quarterly PL reporters we have taken this opportunity to increase the tolerance threshold of differences between the forms due to exchange rates from 0.1% to 1%. In addition we have also introduced an additional tolerance threshold of £1mn for each calendar year which can be reported as unallocated by country for items BG9 and BG10 following recent discussions with banks. The potential to increase this figure will be reviewed after the first year of reporting.
A copy of the amended definitions and validations are attached. These, as well as a copy of the form (with updated front page) are also available on our website. An amended reporting schedule including the quarterly Form BG is attached.
If you have any queries on the form BG please contact Richard
Button (Tel.020 7601 4174 or Martin
Udy (Tel. 020 7601 4731).
2. Bank of England Website (information)
The Bank has recently launched a new Website. Whilst the home page URL hasn't changed (www.bankofengland.co.uk) the look and feel of the site has, and you will notice some design changes to the information you may view regularly.
The Statistics home page www.bankofengland.co.uk/statistics/index.htm
has various links, including the Statistical Interactive Database and "Information
for reporting institutions" which will take you to the Yellow Folder,
as well as Statistical Notices and Electronic reporting. This Statistics
home page also links you to "The Statistics Area of the Bank",
which contains information about Monetary & Financial Statistics Division
including a copy of our statistical code of practice.
Below is a list of useful direct links:
Interactive Database
Yellow Folder
Electronic Reporting
Statistical Notices
Statistical Releases
A subscription facility has also now been added to the site, which enables users to receive e-mail notification as new information (eg. Statistical Notices, Statistical releases etc) becomes available on the web-site; a link to his facility can be found at the top right hand corner of each page.
If you have any questions or comments please let us know by contacting
our Internet Co-ordinator (Tel.
020 7601 5353).
3. Significant and/or strategic proposals for Bank of England
Reporting (information)
The Bank of England compiles a list, twice yearly, of significant and /
or strategic proposals for Bank of England Reporting which is sent to the
British Bankers’ Association (BBA). Following comments from reporters
about the usefulness of seeing such a list for planning purposes, it is
now available on our website.
It is designed to provide reporting institutions with an advance
notice of possible changes in the reporting system.
Reporting institutions should be aware that the proposals
listed in this note are not finalised and all entries will be discussed
with the
BBA who may decide to consult with, or convene, their Banking
Statistics Panel. Should reporting institutions wish to contribute
to those discussions
then they should contact David Dooks at the BBA (Tel: 020
7216 8837). Formal notification to reporting institutions of changes
to reporting will either
be by Statistical Notice or by letter from the Bank.
4. Contents page for Yellow Folder (update)
Attached.
Bank of England
Monetary & Financial Statistics Division
9 June 2005
