Statistical Notices to Reporting Institutions 2010/06
Statistical Notices should be received by all those responsible
for the completion of Bank of England returns. To amend the circulation list please contact Data Reception (Tel. 020 7601 5360)
1. Review of reporting forms (effective immediately)
The proposed schedule of form reviews for the next 5 years is set out below:
2010 |
Forms HI, HO, CA, CC, CL, C1, CE, BG, IPA, MM, MQ. |
2011 |
Forms BT, BE, IC, IS, IO |
2012 |
Forms AD, AL, CX, WO, HF, DQ |
2013 |
No reviews |
2014 |
Forms ER, PL, BG, DI, FT, GT |
The years in the table reflect the years in which the reviews will start. Implementation of reviewed forms may take place in subsequent years.
The purpose of these reviews, as outlined in the Statistical Code of Practice, is to ensure that the data collected are still required and could not be collected more cost effectively from a different source. Any new data requirements identified as part of these reviews will be subject to cost benefit analysis and implementation of any changes will be subject to consultation with the British Bankers Association.
If you have any questions regarding the above, please contact Data Reception (Tel. 0207 601 5360, datareception@bankofengland.co.uk).
2. Further changes to Form ER reporting resulting from the form review (effective January 2011 reporting)
The reporting institutions within the Form ER reporting panel are selected using stratified sampling techniques, where each stratum represents an economic sector or product type. The sample is designed to give a coverage target of around 75% for MFIs' business within each of the main sectors of the economy. To achieve the 75% target with the fewest reporters – and thus limit the cost burden on the MFI sector – the largest institutions by market share are included within each stratum. This sampling technique does, however, mean that some reporters within the ER panel will have limited business within some of the economic sectors. This point was noted during the recent review of Form ER and it was agreed that the Bank would look at the feasibility of introducing separate reporting thresholds for each economic sector on the Form. This review has now been completed and, for current reporters, the following thresholds will be applied to the economic sectors listed below with effect from January 2011 reporting:
- £2500mn for Households and Individual Trusts lines
- £1000mn for Private Non-financial Corporations lines
- £1000mn for Financial Corporations (excl Banks/BSocs) lines
- £25mn for Non-profit Institutions serving Households lines
- £25mn for Central &Local Government and Public corporations lines
It should be noted that these thresholds are discretionary and apply to the economic sectors as a whole. Thus, if one product type within a sector breaches a threshold, all lines for that sector must be reported.
Individual reporting requirements for the economic sectors outlined above have been calculated using 12 month average balances based on 2009 data. All institutions currently reporting the Form ER have been informed of changes to their reporting. The new reporting requirements will take effect from January 2011 reporting.
A review of the overall Form ER reporting panel has also been carried out based on 2009 data reported on the Form BE. As a result some institutions will no longer have to report the Form ER and some will begin reporting it. These changes will generally take effect for the reporting of January 2011 data. Institutions affected by this review have also been contacted.
If you have any questions regarding the above, please contact Mhairi Burnett (Tel. 0207 601 5479, mhairi.burnett@bankofengland.co.uk).
3. Form IS Definitions and Form MM Definitions (clarification)
There have been updates to both the IS and the MM definitions, primarily to clarify the treatment of certain drawdowns on flexible mortgages. Specifically, for customers with flexible mortgages where the loan facility increases automatically when overpayments are made, any drawdowns of those overpayments should be treated as a negative amount of partial redemptions, rather than as gross new lending. Additionally, more detail has been added to the MM definitions about the reporting of approvals for other purposes, and the relationship between gross advances and approvals has been clarified in both the IS and the MM definitions.
Updated Form IS Definitions are available to download from our website at: www.bankofengland.co.uk/statistics/reporters/defs/def_is.pdf
Updated Form MM Definitions are available to download from our website at: www.bankofengland.co.uk/statistics/reporters/defs/def_mm.pdf
If you have any questions regarding the above, please contact Jennifer Owladi (Tel. 0207 601 5465, jennifer.owladi@bankofengland.co.uk).
4. Statistical "Yellow Folder" (effective immediately)
An updated complete version of the “Yellow Folder” is available to download from our website at:
www.bankofengland.co.uk/statistics/reporters/defs/yellow_folder.pdf
5. Classification of Accounts Guide - Part III: Sector Categories (updated)
The list of Bank Holding companies (under “Other financial institutions”) contained within Part III: Sector Categories has been updated.
The updated Classification of Accounts Guide - Part III: Sector Categories document is available to download from our website at:
www.bankofengland.co.uk/statistics/reporters/defs/class04.pdf
If you have any questions regarding the above, please contact the Data Reception team (Tel. 0207 601 5360, datareception@bankofengland.co.uk).
Bank of England
Monetary & Financial Statistics Division
24th May 2010
