frequency and adequate timeliness (on a permanent basis) fulfil the ESCB requirements. 1. Balance information acknowledges that The ECB/Eurosystem currently collects timely and high quality monthly or the criteria defined under quarterly statistics for large parts of the euro area financial sector (in CP9 to exempt quarterly particular for credit institutions, money market and other investment funds reporting of BS-C1 was and securitisation vehicles), but avails only of very limited statistical difficult to apply (and information on the insurance corporations (IC) sector. Accordingly, improved impossible for reporting by quarterly balance sheet information, both on a solo/non-consolidated basis groups), creating (for monetary analysis as well as requirements for the production of other uncertainty on the ECB statistics) and on a group/consolidated basis (for financial stability quarterly requirements. analysis) has been highlighted by users as an essential requirement. The Also, any other criteria to balance sheet information should be separately available for different define thresholds would subsectors of ICs (i.e. life insurance, non-life insurance, composites, and not overcome this The information required includes an instrument breakdown both difficulty. On the other on the assets and liabilities side, information on original and remaining hand, to calculate Own maturities of the relevant instruments and a breakdown of the geographical funds quarterly, residency and institutional sector of the counterparts. Detailed information on undertakings will have to the assets held and liabilities issued by ICs is essential, not only in terms of calculate the entire outstanding amounts at the end of a period, but also in terms of transactions balance sheet with the which occur between two reporting periods. same frequency. Taking all this into account, EIOPA believes that, both from a Information on euro area IC balance sheet positions and transactions can supervisory point of view provide important input to both the monetary and economic analyses and from an operational underpinning the ECB’s monetary policy. ICs are part of the money-holding point of view for sector and are thus integral part of the sectoral analysis of monetary undertakings, the request developments. By providing investment opportunities and risk diversification, of the balance-sheet they have a prominent role for the private sector’s composition of wealth. At quarterly without the same time, they are among the most important providers of long-term exemptions is the best funding to credit institutions, non-financial corporations and the public sector. approach.
frequency and adequate timeliness (on a permanent basis) fulfil the ESCB requirements. 1. Balance information The ECB/Eurosystem currently collects timely and high quality monthly or quarterly statistics for large parts of the euro area financial sector (in particular for credit institutions, money market and other investment funds and securitisation vehicles), but avails only of very limited statistical information on the insurance corporations (IC) sector. Accordingly, improved quarterly balance sheet information, both on a solo/non-consolidated basis (for monetary analysis as well as requirements for the production of other ECB statistics) and on a group/consolidated basis (for financial stability analysis) has been highlighted by users as an essential requirement. The balance sheet information should be separately available for different subsectors of ICs (i.e. life insurance, non-life insurance, composites, and The information required includes an instrument breakdown both on the assets and liabilities side, information on original and remaining maturities of the relevant instruments and a breakdown of the geographical residency and institutional sector of the counterparts. Detailed information on the assets held and liabilities issued by ICs is essential, not only in terms of outstanding amounts at the end of a period, but also in terms of transactions which occur between two reporting periods. Information on euro area IC balance sheet positions and transactions can provide important input to both the monetary and economic analyses underpinning the ECB’s monetary policy. ICs are part of the money-holding sector and are thus integral part of the sectoral analysis of monetary developments. By providing investment opportunities and risk diversification, they have a prominent role for the private sector’s composition of wealth. At the same time, they are among the most important providers of long-term funding to credit institutions, non-financial corporations and the public sector. acknowledges that the criteria defined under CP9 to exempt quarterly reporting of BS-C1 was difficult to apply (and impossible for reporting by groups), creating uncertainty on the quarterly requirements. Also, any other criteria to define thresholds would not overcome this difficulty. On the other hand, to calculate Own funds quarterly, undertakings will have to calculate the entire balance sheet with the same frequency. Taking all this into account, EIOPA believes that, both from a supervisory point of view and from an operational point of view for undertakings, the request of the balance-sheet quarterly without exemptions is the best approach.
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