Delegation of the power to extend deadlines for statistical reporting
Article 1
Open ↗1. The Governing Council hereby delegates to the Executive Board the power to extend the deadlines for the reporting of statistical information required pursuant to the European Central Bank (ECB) Regulations listed in the Annex to this Regulation. 2. When taking a decision to extend a deadline for the reporting of statistical information, the Executive Board shall take into account: (a) the reporting frequency under each ECB Regulation listed in the Annex to this Regulation; (b) the impact of the spread of COVID-19 on the reporting and data quality assurance capacities of the reporting agents and on the capacity of national central banks of the Member States whose currency is the euro (hereinafter the ‘NCBs’) and of the ECB to carry out the necessary verification of statistical information; (c) the urgency of the data collection in question for the exercise by the ECB and the NCBs of the tasks of the European System of Central Banks (ESCB); (d) the need to focus ECB and NCB resources on those data collections that are most urgently required for the exercise by the ECB and the NCBs of the tasks of the ESCB. 3. Any decision taken by the Executive Board pursuant to paragraph 1 shall take into account the advice of the ESCB’s Statistics Committee (STC) in its standard composition. For the purpose of providing its advice to the Executive Board, the STC shall take into consideration the needs of the data users. 4. An extension of the deadlines for the reporting of statistical information may only relate to reporting that falls due on or before 31 December 2020. 5. Deadlines for the reporting of statistical information may not be extended beyond 30 June 2021. 6. The Governing Council shall be notified on a regular quarterly basis of any decision taken by the Executive Board pursuant to paragraph 1. 7. The concerned reporting agents shall be informed of any decision taken by the Executive Board pursuant to paragraph 1. 8. The Governing Council hereby also delegates to the Executive Board the power to extend the deadlines for transmitting the statistical information referred to in paragraph 1 by the NCBs to the ECB. Any decision taken by the Executive Board under this paragraph shall accord with the relevant decision taken by it pursuant to paragraph 1.