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Summaries of EU Legislation

EU countries’ quarterly financial statistics for general government

 

SUMMARY OF:

Regulation (EC) No 501/2004 on general government’s quarterly financial accounts

WHAT IS THE AIM OF THE REGULATION?

It lists and defines the main categories of public sector financial transactions* and financial assets* and liabilities* whose details European Union (EU) countries must communicate to the European Commission (Eurostat) every 3 months.

KEY POINTS

  • According to Eurostat, general government consists of 4 sub-sectors:
    • central government;
    • state government;
    • local government; and
    • social security funds.
  • The information on financial transactions and financial assets and liabilities which EU countries’ statistics offices must provide to Eurostat, every quarter are set out in ESA 95. It covers:
    • gold and special drawing rights*
    • currency and deposits
    • short-* and long-term securities*, other than shares and financial derivatives*
    • financial derivatives (a contract between one or more parties based upon a financial asset(s))
    • short-term loans*
    • shares and other equity*
    • net equity of households in life insurance and pension funds
    • prepayments of insurance premiums and reserves for outstanding claims
    • other accounts receivable or payable.
  • The data which EU countries must provide to Eurostat cover central, state and local government and social security funds as well as general government (consolidated and non-consolidated).
  • Deadlines exist for transmitting the data. For instance, in general, they should be forwarded to Eurostat at the latest 3 months after the quarter they cover.
  • EU governments must explain to Eurostat the sources and methods they use to compile the data they provide.
  • Eurostat must inform the European Statistical System Committee and the Committee on Monetary, Financial and Balance Statistics of the sources and methods each EU government uses.
  • The Commission, by 31 December 2005 at the latest, had to present a report to the European Parliament and the Council assessing the reliability of the national quarterly data.

FROM WHEN DOES THE REGULATION APPLY?

It has applied since 8 April 2004 and applied up to 31 August 2014.

BACKGROUND

The European system of national and regional accounts, known as ESA 95 (now replaced by ESA 2010), collects comparable, up-to-date and reliable information on the structure and developments of national and regional economies in the EU.

* KEY TERMS

Financial transaction: agreement, communication or movement between a buyer and a seller to exchange an asset for payment.
Financial asset: something owned, such as cash, goods, land, buildings or equipment, that can provide future benefits.
Liabilities: obligations that require either money to be paid or services to be performed.
Special drawing rights: a form of international money, created by the International Monetary Fund, based on a weighted average of various convertible currencies.
Short-term securities: assets expected to expire or be liquidated within 1 year with some exceptions. Examples are treasury bills.
Long-term security: a financial instrument, such as a bond.
Financial derivative: a contract whose value comes from the performance of an underlying entity, such as an asset, index, or interest rate.
Short-term loan: a loan scheduled to be repaid in less than a year.
Shares and other equity: a company’s equity comprises stocks (shares) or other forms of security that represent an ownership interest.

MAIN DOCUMENT

Regulation (EC) No 501/2004 of the European Parliament and of the Council of 10 March 2004 on quarterly financial accounts for general government (OJ L 81, 19.3.2004, pp. 1-5)

Successive amendments to Regulation (EC) No 501/2004 have been incorporated in the original text. This consolidated version is of documentary value only.

last update 27.02.2017

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