Regulation 2001/2558 - Amendment of Council Regulation (EC) No 2223/96 as regards the reclassification of settlements under swaps arrangements and under forward rate agreements - Main contents
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official title
Regulation (EC) No 2558/2001 of the European Parliament and of the Council of 3 December 2001 amending Council Regulation (EC) No 2223/96 as regards the reclassification of settlements under swaps arrangements and under forward rate agreementsLegal instrument | Regulation |
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Number legal act | Regulation 2001/2558 |
Original proposal | COM(1999)749 |
CELEX number i | 32001R2558 |
Document | 03-12-2001 |
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Publication in Official Journal | 28-12-2001; Special edition in Romanian: Chapter 10 Volume 001,Special edition in Slovak: Chapter 10 Volume 003,Special edition in Croatian: Chapter 10 Volume 002,Special edition in Slovenian: Chapter 10 Volume 003,Special edition in Czech: Chapter 10 Volume 003,Special edition in Bulgarian: Chapter 10 Volume 001,Special edition in Lithuanian: Chapter 10 Volume 003,Special edition in Latvian: Chapter 10 Volume 003,Special edition in Estonian: Chapter 10 Volume 003,Special edition in Polish: Chapter 10 Volume 003,Special edition in Maltese: Chapter 10 Volume 003,Special edition in Hungarian: Chapter 10 Volume 003,OJ L 344, 28.12.2001 |
Effect | 28-12-2001; Entry into force Date pub. See Art 2 |
End of validity | 31-12-9999 |
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Regulation (EC) No 2558/2001 of the European Parliament and of the Council of 3 December 2001 amending Council Regulation (EC) No 2223/96 as regards the reclassification of settlements under swaps arrangements and under forward rate agreements (Text with EEA relevance)
Official Journal L 344 , 28/12/2001 P. 0001 - 0004
Regulation (EC) No 2558/2001 of the European Parliament and of the Council
of 3 December 2001
amending Council Regulation (EC) No 2223/96 as regards the reclassification of settlements under swaps arrangements and under forward rate agreements
(Text with EEA relevance)
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty establishing the European Community, and in particular Article 285(1) thereof,
Having regard to the proposal from the Commission(1),
Having regard to the opinion of the European Central Bank(2),
Acting in accordance with the procedure laid down in Article 251 of the Treaty(3),
Whereas:
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(1)Council Regulation (EC) No 2223/96 of 25 June 1996 on the European System of national and regional accounts in the Community(4) contains the reference framework of common standards, definitions, classifications and accounting rules for drawing up the accounts of the Member States for the statistical requirements of the European Community, in order to obtain comparable results between Member States.
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(2)In ESA 95, as in SNA 93, swaps are defined (5.67) as "contractual arrangements between two parties who agree to exchange, over time and according to predetermined rules, streams of payments on the same amounts of indebtedness" and it is specified that "the two most prevalent varieties are interest rate swaps and currency swaps".
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(3)In original versions of ESA 95 and SNA 93, interest flows exchanged between two counterparts under any kinds of swaps and under forward rate agreements have been considered as non-financial transactions, recorded in property income, under the item interest.
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(4)Problems have been raised by this statement and the Commission thus considers that it is necessary to exclude these interest flows from property income, in a manner similar to revised SNA 93.
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(5)It is therefore appropriate to record these flows in financial transactions under the item financial derivatives, included in ESA 95 in F3 entitled "Securities other than shares".
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(6)A specific treatment of these flows should be defined for the data transmitted under the excessive deficit procedure.
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(7)The Committee on the statistical programmes of the European Communities, established by Decision 89/382/EEC, Euratom(5), and the Committee on Monetary, Financial and Balance of Payments Statistics, established by Decision 91/115/EEC(6), have each been consulted in accordance with Article 3 of the said Decisions,
HAVE ADOPTED THIS REGULATION:
Article 1
Annex A of Council Regulation (EC) No 2223/96 shall be amended in accordance with the Annex to this Regulation.
Article 2
This Regulation shall enter into force on the day of its publication in the Official Journal of the European Communities.
This Regulation shall be binding in its entirety and directly applicable in all Member States.
Done at Brussels, 3 December 2001.
For the European Parliament
The President
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N.Fontaine
For the Council
The President
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F.Vandenbroucke
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(1)OJ C 116 E, 26.4.2000, p. 63.
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(2)OJ C 103, 3.4.2001, p. 8.
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(3)Opinion of the European Parliament of 15 March 2001 (not yet published in the Official Journal) and Decision of the Council of 8 November 2001.
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(4)OJ L 310, 30.11.1996, p. 1. Regulation as last amended by Commission Regulation (EC) No 995/2001 (OJ L 139, 23.5.2001, p. 3).
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(5)OJ L 181, 28.6.1989, p. 47.
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(6)OJ L 59,...
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