Download On Reporting Scheme for Monetary Financial Institution Loan and

BOARD OF THE BANK OF LITHUANIA
RESOLUTION No 139
of 24 December 2003
ON REPORTING SCHEME FOR MONETARY FINANCIAL INSTITUTION LOAN AND
DEPOSIT INTEREST RATE STATISTICS
Vilnius
(Valstybės žinios (Official Gazette) No 7-176, 2004)
3 December 2009, No 224 (Valstybės žinios (Official Gazette) No 155-7015, 2009) [New version]
Acting in observance of Articles 8(1(9)), 54 and 54(1) of the Law of the Republic of
Lithuania on the Bank of Lithuania (Valstybės žinios (Official Gazette) No 99-1957, 1994; No 28890, 2001; No 28-869, 2004; No 48-1699, 2006) and having regard to Article 5 of the Statute of
the European System of Central Banks and of the European Central Bank and Regulation (EC) No
290/2009 of the European Central Bank of 31 March 2009 amending Regulation (EC) No 63/2002
(ECB/2001/18) concerning statistics on interest rates applied by monetary financial institutions to
deposits and loans vis-à-vis households and non-financial corporations, (ECB/2009/7), the Board
of the Bank of Lithuania has r e s o l v e d:
1. To approve:
1.1. The General Regulations on the Reporting Scheme for Monetary Financial Institution
Loan and Deposit Interest Rate Statistics (attached);
1.2. Monetary Financial Institution Loan and Deposit Interest Rate Statistical Report Form
PFI-02 (attached).
2. To charge the department of the Bank of Lithuania collecting the monetary financial
institution loan and deposit interest rate statistics for reporting purposes with:
2.1. maintaining the list of credit and other institutions providing the monetary financial
institution loan and deposit interest rate statistics for reporting purposes;
2.2. preparing and approving the Guidelines for Completing Monetary Financial Institution
Loan and Deposit Interest Rate Statistical Report Form PFI-02 and where appropriate updating the
Guidelines.“
2. To establish that this Resolution shall come into force on 1 July 2010.
Chairman of the Board
Reinoldijus Šarkinas
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APPROVED by
Resolution No 139 of the
Board of the Bank of Lithuania
of 24 December 2003
(as amended by Resolution No
224 of the Board of the Bank
of Lithuania of 3 December
2009)
GENERAL REGULATIONS ON THE REPORTING SCHEME FOR MONETARY
FINANCIAL INSTITUTION LOAN AND DEPOSIT INTEREST RATE STATISTICS
3 December 2009, No 224 (Valstybės žinios (Official Gazette) No 155-7015, 2009) [New version]
I. PURPOSE AND MAIN TERMS
1. The General Regulations on the Reporting Scheme for Monetary Financial
Institution Loan and Deposit Interest Rate Statistics (hereinafter the General Regulations)
establish general requirements and principles of classification of the reporting scheme for
monetary financial institution (hereinafter MFI) loan and deposit interest rate statistics, the
procedure of preparation and submission of the statistics to the Bank of Lithuania, statistical
information quality requirements and procedure of use.
2. The purpose of MFI loan and deposit interest rate statistical reporting scheme is to
provide the Bank of Lithuania with comprehensive and high quality statistics on loan and
deposit interest rates applied by MFI of Lithuania to households and non-financial
corporations necessary for monitoring the development of interest rates and fulfilment of the
tasks of the European System of Central Banks.
3. For the purposes of these General Regulations the terms “monetary financial
institution”, “resident”, “non-financial corporations”, “original maturity”, “notice period” shall
have the meaning as defined in the General Regulations on the Reporting Scheme for
Monetary Financial Institution Balance Sheet Statistics approved by Resolution No 223 of the
Board of the Bank of Lithuania of 3 December 2009 (hereinafter – the General Regulations on
the Reporting Scheme for MFI Balance Sheet Statistics), and “households” shall cover the
combination of the groups of “households” and “non-profit institutions serving households”
used in the General Regulations on the Reporting Scheme for MFI Balance Sheet Statistics.
4. Credit institutions and other institutions shall mean all MFIs other than central
banks and money market funds as identified in the General Regulations on the Reporting
Scheme for MFI Balance Sheet Statistics.
5. MFI interest rate statistics shall mean statistics relating to those interest rates that
are applied by resident credit institutions and other institutions of Lithuania to deposits and
loans vis-à-vis households and non-financial corporations resident in Lithuania.
6. Potential reporting population shall mean resident credit institutions and other
institutions of Lithuania which grant loans to or take deposits from households and (or) nonfinancial corporations resident in Lithuania.
7. Actual reporting population shall mean institutions and other institutions selected
by the Bank of Lithuania from among the potential reporting population in observance of the
principles set forth in these General Regulations and in the Regulation (EC) No. 63/2002 of the
European Central Bank of 20 December 2001 concerning statistics on interest rates applied by
monetary financial institutions vis-à-vis households and non-financial corporations
(ECB/2001/18) (OJ 2004, SE, Chapter 1, Vol. 3, p. 421) (hereinafter the European Central
Bank Regulation ECB/2001/1) as last amended by Regulation (EC) No 290/2009 of the
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European Central Bank of 31 March 2009 (ECB/2009/7) (OJ 2009 L 94, p. 75) (hereinafter the
European Central Bank Regulation ECB/2009/7).
8. MFI loan and deposit interest rate statistical reporting agent (hereinafter
reporting agent) shall mean the entity subject to the requirements of statistical reporting of
MFI loan and deposit interest rates to the Bank of Lithuania.
II. SELECTION OF REPORTING AGENTS
9. The Bank of Lithuania shall select MFI loan and deposit interest rate statistical
reporting agents from among potential reporting population applying sampling approaches.
The variables that shall be estimated by means of the sample are the interest rates and the
amounts of new business and the interest rates on outstanding amounts. They are referred to as
sampling variables.
10. In order to ensure that the sample is representative and the sampling error is small,
the stratified sampling shall be applied using the stratification criterion – MFI type. Based on
the selected stratification criterion the potential reporting population shall be subdivided into
two strata: a) banks and foreign bank branches; b) the Central Credit Union, credit unions and
other institutions.
11. Selected stratification criterion shall apply as long as it allows the subdivision of
the potential reporting population into homogeneous strata, i.e. when the intra-stratum variance
of the sampling variables is lower than the extra-stratum variance and as long as the
stratification criterion is linked with MFI loan and deposit interest rate statistics, i.e. there shall
be a relationship between the stratification criteria and the interest rates and amounts that are to
be estimated from the sample.
12. The minimum sample size shall be such that ensures the application of at least one
of the following conditions:
12.1. the maximum random error for interest rates on new loans and deposits on average
over all instrument categories does not exceed 10 basis points at a confidence level of 90%;
12.2. the sample covers at least 30% cent of the resident potential reporting population or is
limited to 100 reporting agents, where 30% of the resident potential reporting population is greater
than 100;
12.3. the reporting agents in the national sample cover at least 75% of the stock of deposits
received from and at least 75% of the stock of loans granted to households and non-financial
corporations resident in Lithuania.
13. The minimum national sample size shall refer both to the minimum initial sample
and to the minimum sample after maintenance. Due to mergers and leavers, the sample might
be reduced in size over time until the next maintenance period.
14. The Bank of Lithuania may select more reporting agents than defined as the
minimum national sample size.
15. Having established all strata and the minimum sample size the actual reporting
population shall be selected from the potential reporting population in the following manner:
selecting all MFI of the stratum “banks and foreign bank branches” and at least two remaining
MFI of the stratum “Central Credit Union, credit unions and other institutions”.
16. Selecting biggest MFI of the stratum their size is established on the basis of sum
total of the balance sheet items related with MFI loan and deposit interest rate statistics.
17. The list of reporting agents that belong to actual reporting population and its
updates shall be approved by the director of the department of the Bank of Lithuania collecting
MFI loan and deposit interest rate statistics.
18. The sample shall be representative over time, i.e. reflect all features related with
MFI loan and deposit interest rate statistics and peculiar to potential reporting population.
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19. The representativity of the sample shall be checked at least annually at the end of
the first half of the year. If there are significant changes in the potential reporting population,
these shall be reflected in the sample after this annual check.
20. At intervals of two years, on the basis of June statistics, the sample shall be
reviewed, taking account of joiners to the potential reporting population, leavers from the
potential and actual reporting population, as well as all other changes in the characteristics of
the reporting agents.
21. The reporting agent repeatedly joining the reporting population, no later than by 15
August of the current year, shall be informed about the MFI loan and deposit interest rate
statistics reporting obligation to the Bank of Lithuania beginning with the data of January of
the next year.
III. STATISTICAL REPORTING REQUIREMENTS
22. MFI loan and deposit interest rate statistics shall be prepared using data of each
separate loan and each separate deposit. A reporting agent shall collect the data about all
deposits and loans to be included in the statistical report and shall furnish the consolidated data
to the Bank of Lithuania.
23. The reporting agent applying the definitions, arrangements, classifications and
methods set forth in the General Regulations and Regulation of the European Central Bank
ECB/2001/18 as last amended by the Regulation of the European Central Bank ECB/2009/7
shall provide:
23.1. in Part I of the Statistical Report Form MFI-02 – weighted average interest rates on
loans, excluding revolving credits, overdrafts and credit card credit, as well as interest rates on
time deposits and new repos; amounts of new agreements of the reporting period used as weights
shall also be specified in this Part, excluding lines 43 and 44;
23.2. in Part II of the Statistical Report Form PFI-02 – weighted average interest rates on
balances of loans and deposits at the end of the reporting period.
24. Loan and deposit amounts of new agreements shall be provided in thousands of
litas and in whole numbers. Interest rates shall be specified in percent at four decimal digits
precision.
25. Loan and deposit amounts denominated in foreign currency shall be converted to
litas according to the official exchange rates of foreign currencies announced by the Bank of
Lithuania at the end of the reporting period.
26. The end of MFI loan and deposit interest rate statistical reporting period shall be the
the last calendar day thereof.
IV. LOAN AND DEPOSIT INTEREST RATES
IV.1. TYPE OF RATE
27. The type of rate that reporting agents shall provide for all instrument categories of
deposits and loans referring to new business and outstanding amounts is the annualised agreed
rate.
28. Annualised agreed rate (hereinafter AAR) – the interest rate that is individually
agreed between the reporting agent and the household or non-financial corporation for a
deposit or loan, converted to an annual basis and quoted in percentages per annum.
29. The annualised agreed rate shall cover all interest payments on deposits and loans,
but no other charges that may apply. Disagio, defined as the difference between the nominal
amount of the loan and the amount received by the customer, shall be considered as an interest
payment at the start of the contract (time t 0 ) and shall therefore be reflected in AAR.
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30. If interest payments agreed between the reporting agent and the household or nonfinancial corporation are capitalised at regular intervals within a year, for example per month
or quarter rather than per annum, the agreed rate shall be annualised by means of the following
formula to derive the annualised agreed rate:

x  1 

n
r
  1,
n
with:
x – as AAR;
r – as the interest rate per annum that is agreed between the reporting agents and the household or
non-financial corporation for a deposit or loan where the dates of the interest capitalisation of the
deposit and all the payments and repayments of the loan are at regular intervals within the year,
and;
n – as the number of interest capitalisation periods for the deposit and (re)payment periods for the
loan per year, i.e. 1 for yearly payments, 2 for semi-annual payments, 4 for quarterly payments and
12 for monthly payments.
31. The Bank of Lithuania may require their reporting agents to provide for all or some
deposit and loan instruments referring to new business and outstanding amounts the narrowly
defined effective rate (NDER), instead of the annualised agreed rate.
32. Narrowly defined effective rate (hereinafter NDER) – the interest rate, on an
annual basis, that equalises the present value of all commitments other than charges (deposits
or loans, payments or repayments, interest payments), future or existing, agreed by the
reporting agents and the household or non-financial corporation.
33. The NDER shall be equivalent to the interest rate component of the annual
percentage rate of charge (APRC) as defined in Article 3(i) of Directive 2008/48/EC of the
European Parliament and of the Council on credit agreements for consumers and repealing
Council Directive 87/102/EEC (OJ 2008 L 133, p. 66) (hereinafter Directive 2008/48/EC of
the European Parliament and of the Council).
34. The only difference between the NDER and AAR shall be the underlying method
for annualising interest payments. The NDER uses successive approximation and can therefore
be applied to any type of deposit or loan, whereas the annualised agreed rate uses the algebraic
formula defined in item 30 and is therefore only applicable to deposit and loan with regular
capitalisation of interest payments. All other requirements shall be identical, which implies
that where it is hereinafter referred to as the annualised agreed rate, it shall also apply to the
NDER.
35. The NDER and AAR shall reflect what the reporting agent pays on deposits and
receives for loans. Where the amount paid by one party and received by the other differs, the
point of view of the reporting agent shall determine the interest rate. Following this principle,
interest rates shall be recorded on a gross basis before tax and without taking into account the
subsidies granted to households or non-financial corporations by third parties.
36. Favourable rates that reporting agents apply to their employees shall be covered in
MFI loan and deposit interest rate statistics.
37. In addition to annualised agreed rates, the reporting agents shall provide for new
business in respect of consumer credit and loans to households for house purchases the APRC
which covers the annual percentage rate of charge as defined in Article 3(g) of Directive
2008/48/EC of the European Parliament and of the Council. These total costs comprise an
interest rate component and a component of other related charges.
38. APRC in respect of consumer credit and loans to households for house purchases
shall be calculated in accordance with the procedure established by legal acts implementing
Directive 2008/48/EC of the European Parliament and of the Council.
39. Reporting agents shall apply a standard year of 365 days for the compilation of the
annualised agreed rate, i.e. the effect of an additional day in a leap year shall be ignored
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IV.2. NEW BUSINESS ON LOAN AND DEPOSIT INTEREST RATES
40. Interest rates on loans other than revolving loans, overdrafts, credit card credit,
deposits with agreed maturity and repos shall be calculated as weighted average interest rates
in respect of new agreements made during the time reference period.
41. New business shall be defined as any new agreement between the household or
non-financial corporation and the reporting agent, i.e.:
41.1. all financial contracts, terms and conditions that specify for the first time the interest
rate of the deposit or loan;
41.2. all new negotiations of existing deposits and loans.
42. Prolongations of existing deposit and loan contracts that are carried out
automatically, i.e. without any active involvement of the household or non-financial
corporation, and do not involve any renegotiation of the terms and conditions of the contract,
including the interest rate, shall not be considered as new business.
43. Changes in floating interest rates in the sense of automatic adjustments of the
interest rate performed by the reporting agent and changed from fixed to floating interest rates
or vice versa during the course of the contract are not new agreements and shall therefore not
be considered as new business.
44. A loan other than a revolving loan and bank overdraft may be taken out in full at
the start of the contract (time t 0 ) or in tranches (at times t1 , t 2 , t 3 , etc.). The fact that the loan
other than a bank overdraft is taken out in tranches shall be irrelevant for MFI interest rate
statistics. The agreement between the household or non-financial corporation and the reporting
agent at time t 0 , which includes the interest rate and the full amount of the loan, shall be
captured in MFI interest rate statistics.
IV.3. INTEREST RATES ON OUTSTANDING AMOUNTS OF LOANS AND DEPOSITS
45. Interest rates on outstanding amounts of loans and deposits shall be calculated as
weighted average interest rates applied to the stock of deposits or loans as at the time of the
reference point.
46. The total amount of loans shall be excluded from calculation of weighted average
interest rates on outstanding amounts. Loans for debt restructuring at rates below market
conditions shall also be excluded.
47. In order to calculate the interest rates on accounts that can be either a deposit or a
loan, depending on their balance, reporting agents distinguish between the periods with a credit
balance and the periods with a debit balance. The reporting agents report weighted average
interest rates referring to the credit balances as overnight deposits and weighted average
interest rates referring to the debit balances as overdrafts.
V. INSTRUMENT CATEGORIES
V.1. BREAKDOWN BY CURRENCY
48. MFI loan and deposit interest rate statistics shall cover loans and deposits
denominated in litas, euro and other currencies.
V.2. BREAKDOWN BY SECTOR
49. Sectoral breakdown shall apply to all loans and deposits required for MFI loan and
deposit interest rate statistics, other than deposits redeemable at notice and repos,
distinguishing between indicators vis-a-vis households (including non-profit institutions
serving households) and vis-a-vis non-financial corporations. In addition, separate data shall e
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reported for sole proprietors as part of households, but only in respect of new business for
other purposes.
50. Deposits redeemable at notice and repos held by households (including non-profit
institutions serving households) and deposits redeemable at notice of non-financial
corporations shall not be broken down by sectors. Furthermore, no maturity breakdown shall
be required for repos.
V.3. BREAKDOWN BY TYPE OF INSTRUMENT
51. l Unless otherwise stated in the following paragraphs, the instrument breakdown for
MFI interest rates and the definitions of the types of instruments shall follow the asset and
liabilities categories set out in the General Regulations on the Monetary Financial Institutions
(MFIs) Balance Sheet Statistical Reporting Requirements.
52. In Part I of the Statistical Report Form PFI-02 loans to households and nonfinancial corporations shall include all loans, excluding revolving loans and overdrafts and
credit card debt.
53. In Part II of the Statistical Report Form PFI-02 loans to households and nonfinancial corporations shall include all loans including revolving loans and overdrafts and
credit card debt.
54. For the purpose of MFI interest rate statistics the category of revolving loans and
overdrafts shall have the same meaning as defined in MFI balance-sheet statistics, regardless
of their initial period of interest rate fixation. Penalties on overdrafts applied as component of
other charges, for example in the form of special fees, are not covered by the AAR or NDER,
because this type of rate only covers the interest rate on loans. Loans reported under this
category are not reported under any other new business category.
55. For the purpose of MFI interest rate statistics, credit card debt shall have the same
meaning as defined in MFI balance-sheet statistics. Data on the interest rate in Part II of the
Statistical Report Form PFI-02 shall be reported only in respect of extended credit card debt.
The interest rate on convenience credit shall not be reported separately, as it is by definition
0%. However, the outstanding convenience credit card debt is included as part of the MFI
interest rate statistics on outstanding amounts, together with the outstanding extended credit
card debt. Neither extended nor convenience credit card debt shall be reported under the
category of revolving loans and overdrafts.
56. Calculations of intraday deposit interest rates shall include all intraday deposits,
regardless of payment of interest thereon.
V.4. BREAKDOWN BY LOAN AMOUNT
57. In Part I of the Statistical Report Form PFI-02 loans, other than revolving loans and
overdrafts and credit card debt, to non-financial corporations shall be broken down into three
categories of amounts:
57.1. loans up to and including LTL 0,8632 million (EUR 0,25 million);
57.2. loans over LTL 0,8632 up to and including LTL 3,4528 million (over EUR 0,25 up to
EUR 1 million);
57.3. loans over LTL 3,4528 million (EUR 1 million).
58. The amount refers to the single loan transaction considered as new business, rather
than to all business between the non-financial corporation and the reporting agent.
V.5. BREAKDOWN BY ORIGINAL MATURITY, NOTICE PERIOD OR INITIAL RATE
FIXATION
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59. The breakdown of loans and deposits by original maturity and period of notice shall
follow the principles set out in the General Regulations on the Monetary Financial Institutions
(MFIs) Balance Sheet Statistical Reporting Requirements.
60. In Part II of the Statistical Report Form PFI-02 loans and deposits with agreed
maturity shall be broken down by original maturity and deposits redeemable at notice – by the
period of notice.
61. In Part I of the Statistical Report Form PFI-02 deposits with agreed maturity shall
be broken down by original maturity. Furthermore, separate data on loans to non-financial
corporations with an initial period of interest rate fixation up to one year in combination with
original maturity above one year shall be reported for each size of loan band referred to in
paragraph 57.
62. In Part I of the Statistical Report Form PFI-02 loans shall be broken down by an
initial period of interest rate fixation.
63. The initial period of interest rate fixation is defined as a predetermined period of
time at the start of a contract during which the value of the interest rate will not change. The
value of the interest rate shall be only considered to be unchangeable if it is defined as an exact
level or as a differential to a reference rate at a fixed point in time.
64. The interest rate statistics on new lending business shall only reflect the interest rate
that is agreed for the initial period of fixation at the start of a contract or after renegotiation of
the loan. If after this initial period of fixation the interest rate automatically changes to a
floating rate, this shall be reflected only in the outstanding amounts In Part II of the Statistical
Report Form PFI-02.
65. In Part I of the Statistical Report Form PFI-02 the periods of initial interest rate
fixation distinguished for loans to households for consumption and other purposes shall be up
to (and including) one year and over one year and up to (and including) five years.
66. In Part II of the Statistical Report Form PFI-02 the periods of initial interest rate
fixation distinguished for loans to households for house purchase shall be up to (and including)
one year, over one year and up to (and including) five years, over five and up to (and
including) 10 years and over 10 years.
67. In Part I of the Statistical Report Form PFI-02, the periods of initial interest rate
fixation distinguished for loans to non-financial corporations each size of loan band referred to
in paragraph 57 shall be up to (and including) 3 months, over 3 months and up to (and
including) 1 year, over 1 year and up to (and including) 3 years, over 3 years and up to (and
including) 5 years, over 5 years and up to (and including) 10 years.
68. Loans to households and non-financial corporations with floating interest rate shall
be included in loans with the period of initial interest rate fixation respectively up to 1 year and
3 months.
69. PFI For the purposes of MFI interest rate statistics, the floating rate is defined as the
interest rate that is subject to interest revisions on a continuous basis (e.g. every day) or at the
discretion of the MFI.
V.6. BREAKDOWN BY SECURED LOANS WITH COLLATERAL AND (OR)
GUARANTEES
70. Loans to households for consumption and for house purchase and non-financial
corporations secured with collateral and/or guarantees shall be separately reported in Part I of
the Statistical Report Form PFI-02.
71. For the purpose of MFI loan and deposit interest rate statistics, the breakdown of
loans according to collateral/guarantees includes the total amount of new business loans which
are collateralised using the “funded’ credit protection” technique as defined in Article 4(31)
and Annex VIII, Part 1, Sections 6-25 of Directive 2006/48/EC of the European Parliament
and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of
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credit institutions (recast) (OJ L 177, 30 06 2006, p. 1) (hereinafter Directive 2006/48/EC of
the European Parliament and of the Council) and/or guaranteed using the “unfunded credit
protection” technique as defined in Article 4(32) and Annex VIII, Part 1 Sections 26-29 of
Directive 2006/48/EC, in such a way that the value of the collateral and/or guarantee is higher
than or equal to the total amount of the loan. If an MFI applies a system different from the
“standardised approach” as defined in Directive 2006/48/EC for supervisory purposes, it may
also apply the same treatment in the reporting of loans included under this breakdown.
VI. STATISTINĖS INFORMACIJOS TEIKIMO IR NAUDOJIMO TVARKA
72. The reporting agent subject to the detailed reporting requirements of MFI balance
sheet statistics established by the General Regulations on the Monetary Financial Institutions
(MFIs) Balance Sheet Statistical Reporting Requirements shall provide to the Bank of
Lithuania the data of Part I and Part II of the Statistical Report Form PFI-02 by electronic
means respectively within 11 and 8 business days of the end of the reporting period. The Bank
of Lithuania shall check and approve the data provided by the reporting agent within
4 business days.
73. The reporting agent subject to the reduced reporting requirements of MFI balance
sheet statistics established by the General Regulations on the Monetary Financial Institutions
(MFIs) Balance Sheet Statistical Reporting Requirements shall provide to the Bank of
Lithuania the data of Part I and Part II of the Statistical Report Form PFI-02 by electronic
means respectively within 11 and 5 business days of the end of the reporting period. The Bank
of Lithuania shall check and approve the data provided by the reporting agent within 4 and 3
business days.
74. The approved data subsequently may be updated on the initiative of both, the Bank
of Lithuania and the reporting agent.
75. The approved data of the last reporting period of the Statistical Report Form PFI-02
may be regularly updated before the day of approval of the data of the current reporting period.
76. The data of the reporting periods earlier than the last reporting period shall be
updated only in exceptional cases, e.g., due to significant corrections. The reporting agent shall
provide the significant corrections alongside their explanations.
77. MFI loan and deposit interest rate statistics received from the reporting agent shall
be used only for statistical purposes.
78. Aggregate MFI loan and deposit interest rate statistics shall be published only in the
manner which prevents from explicitly or implicitly identifying the data of the individual
reporting agent. Otherwise aggregate MFI loan and deposit interest rate statistics may be
published only upon written consent of the reporting agent.
VII. MINIMUM STANDARDS FOR STATISTICAL REPORTING AND IMPOSITION OF
ENFORCEMENT MEASURES
79. The reporting agent providing to the Bank of Lithuania MFI loan and deposit
interest rate statistics must observe all of the following statistical reporting requirements:
79.1. Minimum standards for transmission:
79.1.1. reporting to the Bank of Lithuania shall be timely and within its established
deadlines;
79.1.2. statistical reports shall take the form and format from the technical reporting
requirements set by the Bank of Lithuania;
79.1.3. the contact person (-s) within the reporting agent shall be identified;
79.1.4. the technical specifications for data transmission to the Bank of Lithuania shall be
followed.
79.2. Minimum standards for accuracy:
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79.2.1. the statistical information shall be correct, consistent and complete; existing gaps
shall be acknowledged, explained to the Bank of Lithuania and if applicable bridged as soon as
possible;
79.2.2. the statistical information shall not contain continuous and structural gaps;
79.2.3. the reporting agent shall be able to provide additional information on the
developments of data supplied and their reasons;
79.2.4. the reporting agent shall follow the dimensions and decimals set by the Bank of
Lithuania for the technical transmission of statistical data;
79.2.5. the reporting agent shall follow the rounding policy set by the Bank of Lithuania for
the technical transmission of statistical data.
79.3. Minimum standards for conceptual compliance:
79.3.1. the statistical information shall comply with the MFI loan and deposit interest rate
statistical reporting definitions, conventions, classifications an methods;
79.3.2. In the event of deviations from these definitions and classifications, where
applicable, reporting agents must monitor on a regular basis and quantify the difference between
the measure used and the measure contained in MFI Balance Sheet Statistical Reporting;
79.3.3. the reporting agent shall be able to explain breaks in the data supplied compared
with the previous period’s figures.
79.4. Minimum standards for revisions. The revisions policy and procedure set by the Bank
of Lithuania shall be followed and revisions deviating from regular revisions shall be accompanied
by explanatory notes.
80. The right to verify or to collect compulsorily the information which reporting agents
shall provide to the Bank of Lithuania in compliance with MFI loan and deposit interest rate
statistical reporting requirements shall be exercised by the Bank of Lithuania. This right shall be
exercised in particular when the reporting agent does not fulfil the minimum standards for
transmission, accuracy, conceptual compliance and revisions as set out in paragraph 79 hereof.
81. The Bank of Lithuania acting in observance of Resolution No 65 of the Board of the
Bank of Lithuania of 6 May 2004 on Approval of the Rules for Imposing Enforcement Measures
for Statistical Reporting Violations (Valstybės žinios (Official Gazette) No 80-2885, 2004) shall
impose fines and penalties on the reporting agents who do not fulfil the minimum standards for
statistical reporting as set out in paragraph 79 hereof.
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