Statistical Notices to Reporting Banks 2007/02
Statistical Notices should be received by all those responsible for the completion of Bank of England returns. To amend the circulation list please contact Stuart Watson (Tel. 020 7601 5574).
- Reporting thresholds of Forms CA, CC and CL (effective immediately)
- Reporting thresholds of Forms HI and HO (effective immediately)
- Form DQ - abolition of Sections 4 and 6 (effective immediately)
- Form QX validations (effective immediately)
- Classification of accounts guide update (effective immediately)
- Reclassification of Royal Marines Museum, Royal Naval Museum and Royal Naval Submarine Museum (effective end-February 2007 reporting)
- Reporting of business with Serbia and Montenegro (effective end-June 2007 reporting)
- Expedite 4.6.2 (update for electronic reporters)
- Contents page for Yellow Folder (update)
1. Reporting thresholds of Forms CA, CC and CL (effective immediately)
We have completed the rolling review of Forms CA, CC and CL, and a timetable for implementation of changes is being considered. As part of the review, the reporting threshold of each form has been changed and takes immediate effect.
The number of institutions required to report Form CA has been sizably reduced without materially affecting the data produced. The reporting threshold of this form has been changed from £100mn of external business in all currencies, to £2,000mn of external business in foreign currency (excluding euro).
For Forms CC and CL we have introduced separate reporting thresholds for each form. The current reporting threshold on both forms (external business exceeding £100mn in all currencies on either side of the balance sheet), has been changed to external business exceeding £300mn in all currencies on the relevant side of the balance sheet.
All institutions affected by this change have been notified individually.
If you have any queries relating to these changes, please contact Joylon Foster (Tel. 020 7601 5482).
2. Reporting thresholds of Forms HI and HO (effective immediately)
The rolling review for Forms HI and HO has now been completed and as a result, the number of institutions required to report these forms has been sizeably reduced. The reporting thresholds have now been set at £20mn of inward investment and £20mn of outward investment respectively, and all institutions affected by this change have been notified individually.
For those remaining reporters of the forms, the submission date for both forms has been extended from 12 weeks to 16 weeks with immediate effect; the end-December 2006 data are therefore due in by Friday 20 April 2007.
If you have any queries relating to these changes, please contact Ryan Baigent (Tel. 020 7601 4881).
3. Form DQ - abolition of Sections 4 and 6 (effective immediately)
The rolling review for Form DQ has now been completed and a timetable for implementation of changes is being considered. However, two of the review’s conclusions – both of which involve the demise of a section of the return – can be implemented now.
Following discussions with individual reporters of the form, it is clear that completion of Section 4 (Net transactions in assets and liabilities) is particularly burdensome. The Bank has devised a model for estimating the data from other sources, which the Office for National Statistics (the user of these data) regards as “fit for purpose”; this model will be used to estimate net transactions data from the start of 2007.
Section 6 (Liabilities and assets (claims) in contracts in derivatives in currencies other than sterling) data are not currently published and do not meet the revised statistical standards currently under discussion, therefore this section has also been removed with effect from March 2007. However, there may be a need to introduce a different currency breakdown in the next rolling review of the form in 5 years’ time, when the international standards will be known.
To reduce the impact of this change on reporters we will not be removing sections 4 and 6 from the technical specification for Form DQ at this time. From March 2007 onwards reporters should report zero in all boxes in sections 4 and 6 of the form, all other reporting requirements remain unchanged for the time being.
All institutions affected by this change have been informed individually. If you have any queries relating to these changes, please contact Pat O’Connor (Tel. 020 7601 4450).
If you experience any difficulties validating your data please contact Leslie Lambert (Tel. 020 7601 4544).
4. Form QX Validations (effective immediately)
Following on from Statistical Notice 2006/05, dated 1 August 2006, the validations for sections 2 and 3 of Form QX, which have been discontinued, have been removed and updated pages are available to download.
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Statistical Notice 2006/05 |
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Updated QX Validations |
5. Classification of Accounts guide update (effective immediately)
The lists of building societies and bank holding companies, within the sector categories section of the classification of accounts guide, have been updated.
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Updated Classification of Accounts Guide |
6. Reclassification of Royal Marines Museum, Royal Naval Museum and Royal Naval Submarine Museum (effective end-February 2007 reporting)
Royal Marines Museum, Royal Naval Museum and Royal Naval Submarine Museum have been reclassified by the Office for National Statistics, from Non-profit institutions serving households Form BT items, BT2H, BT2HA, BT3H, BT6H, BT7H, BT26EC, BT29D, BT30H, BT31H BT32H, BT41F and Form BE items BE2H4, BE2HA4, BE3H4, BE6H4, BE7H4, BE26EC4, BE29D4, BE30H4, BE31H4,BE32H4 and BE41F4 to Central Government body Items BT2E, BT3E, BT6E, BT7E, BT26A, BT29A, BT30E, BT31E, BT32D and BT41C.
Any existing business should be reclassified with effect from end-February 2007 reporting. When submitting end-February 2007 data, please advise Freya Jupe (Tel. 020 7601 5008) of any reclassification in excess of £10mn.
7. Reporting of business with Serbia and Montenegro (effective June 2007 reporting)
In June 2006, the State Union of Serbia and Montenegro was dissolved as Serbia and Montenegro each formally declared independence. Therefore, business with either country should be reported separately with effect from end-June 2007 data; an updated country list is attached and updated forms will be available to download form our website shortly.
If you have any queries relating to this change, please contact Nick Butt (Tel. 020 760 5573).
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Updated Country List |
8. Expedite 4.6.2 (update for electronic reporters)
As all institutions now send electronically via e-mail, the facility to send electronically via Expedite has been withdrawn with immediate effect.
If you have any queries relating to electronic submission of data, please contact Leslie Lambert (Tel. 020 7601 4544).
9.Contents page for Yellow Folder (update)
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Updated contents page |
Bank of England
Monetary & Financial Statistics Division
9 February 2007
