Definitions
Article 1
For the purpose of this Regulation: (1) ‘reporting agents’, ‘resident’ and ‘residing’ have the same meaning as defined in Article 1 of Regulation (EC) No 2533/98; (2) ‘monetary financial institution’ (MFI) has the same meaning as defined in Article 1 of Regulation (EU) No 1071/2013 of the European Central Bank (ECB/2013/33) ( 4 ) and shall be read to include all of the MFI's Union and EFTA-located branches, unless explicitly provided otherwise in any provision of this Regulation; (3) ‘OFI’ means other financial intermediaries except insurance corporations and pension funds as set out in the revised European System of Accounts (hereinafter the ‘ESA 2010’) laid down by Regulation (EU) No 549/2013 of the European Parliament and of the Council ( 5 ) ; (4) ‘insurance corporations’ means all financial corporations and quasi-corporations which are principally engaged in financial intermediation as a consequence of the pooling of risks mainly in the form of direct insurance or reinsurance as set out in the ESA 2010; (5) ‘pension funds’ means all financial corporations and quasi-corporations which are principally engaged in financial intermediation as the consequence of the pooling of social risks and needs of the insured persons (social insurance) as set out in the ESA 2010; (6) ‘non-financial corporations’ means the sector of non-financial corporations as set out in the ESA 2010; (7) ‘general government’ means the institutional units which are non-market producers whose output is intended for individual and collective consumption and are financed by compulsory payments made by units belonging to other sectors, and institutional units principally engaged in the redistribution of national income and wealth as set out in the ESA 2010; (8) ‘total main balance sheet assets’ means total assets minus remaining assets as these terms are defined in Regulation (EU) No 1071/2013 (ECB/2013/33); (9) ‘money market statistics’ means statistics relating to secured, unsecured and derivatives transactions in money market instruments concluded between MFIs, and between MFIs and OFIs, insurance corporations, pension funds, central banks, general government and non-financial corporations but excluding intra-group transactions in the relevant reporting period; (10) ‘money market instrument’ means any of the instruments listed in Annexes I, II and III; (11) ‘money market fund’ means a collective investment undertaking that requires authorisation as an undertaking for collective investment in transferable securities under Directive 2009/65/EC of the European Parliament and of the Council ( 6 ) or is an alternative investment fund under Directive 2011/61/EU of the European Parliament and of the Council ( 7 ) , invests in short term assets and has as distinct or cumulative objectives offering returns in line with money market rates or preserving the value of an investment; (12) ‘central bank’ means any central bank regardless of its location; (13) ‘national central bank(s)’ or ‘NCB(s)’ means the national central banks of Union Member States; (14) ‘reference reporting population’ means euro area resident MFIs, except central banks and MMFs, which take euro-denominated deposits and/or issue any other debt instrument and/or grant euro-denominated loans as listed in Annexes I, II or III from/to other MFIs and/or from/to OFIs, insurance corporations, pension funds, the general government, central banks for investment purposes, or non-financial corporations; (15) ‘group’ means a group of undertakings, including but not limited to a banking group, consisting of a parent undertaking and its subsidiaries whose financial statements are consolidated for purposes of Directive 2013/34/EU of the European Parliament and of the Council ( 8 ) ; (16) ‘branch’ means a place of business which forms a legally dependent part of an institution and which directly carries out all or some of the transactions inherent in the business of the institution; (17) ‘Union and EFTA branch’ means a branch located and registered in a Union Member State or in an EFTA country; (18) ‘European Free Trade Association’ means the intergovernmental organisation set up for the promotion of free trade and economic integration to the benefit of its Member States; (19) ‘intra-group transaction’ means a transaction in money market instruments concluded by a reporting agent with another undertaking which is included in the same consolidated financial statement on a full basis. The undertakings that are parties to the transaction are considered to be included in the ‘same consolidation’ on a full basis when they are both either: (a) included in a consolidation in accordance with Directive 2013/34/EU or international financial reporting standards (IFRS) adopted pursuant to Regulation (EC) No 1606/2002 of the European Parliament of the Council ( 9 ) or, in relation to a group whose parent undertaking has its head office in a third country, in accordance with generally accepted accounting principles of that third country determined to be equivalent to IFRS in accordance with Commission Regulation (EC) No 1569/2007 ( 10 ) (or accounting standards of a third country the use of which is permitted in accordance with Article 4 of that Regulation); or (b) covered by the same consolidated supervision in accordance with Directive 2013/36/EU of the European Parliament and of the Council ( 11 ) or, in relation to a group the parent undertaking of which has its head office in a third country, the same consolidated supervision by a third-country competent authority verified as equivalent to that governed by the principles laid down in Article 127 of Directive 2013/36/EU; (20) ‘business day’ means in respect of any date which is specified in an agreement or in a confirmation for a transaction in a money market instrument, the day on which commercial banks and foreign exchange markets are open for general business (including dealings in the relevant money market instrument) and settle payments in the same currency as the payment obligation which is payable on or calculated by reference to that date. In the case of a transaction in a money market instrument governed by a standard master agreement issued by the European Banking Federation (EBF), the Loan Market Association (LMA), the International Swaps and Derivatives Association, Inc. (ISDA) or other leading European or international market associations, the definition provided or incorporated therein by reference shall be used. In relation to the settlement of any transaction in a money market instrument which is to be settled through a designated settlement system, it shall mean a day on which that settlement system is open to settle such a transaction; (21) ‘TARGET2 settlement day’ means any day on which TARGET2 (the Trans-European Automated Real-time Gross settlement Express Transfer system) is open; (22) ‘repurchase agreement’ means an agreement under which the parties thereto may enter into transactions in which one party (‘seller’) agrees to sell to the other (‘buyer’) specified ‘assets’ (‘securities’, ‘commodities’ or ‘other financial assets’) on a near date against the payment of the purchase price by the buyer to the seller, with a simultaneous agreement by the buyer to re-sell to the seller the assets on a fixed future date or on demand against the payment of the repurchase price by the seller to the buyer. Each such transaction may be a repurchase transaction or a buy and sell back transaction. ‘Repurchase agreement’ can also mean an agreement to pledge assets and give a general right of reuse in exchange for the loan of cash on a near date and repayment of the loan and interest on a far date in exchange for the return of the assets. Repurchase transactions may be undertaken with a predefined maturity date (‘fixed-term repurchase transactions’) or without a predefined maturity date leaving both parties the option to agree to roll over or terminate the agreement each day (‘open basis repurchase transactions’); (23) ‘tri-party repo’ means a repurchase transaction in which a third party is responsible for the selection and management of the collateral during the life of the transaction; (24) ‘foreign exchange swap’ means a swap transaction in which one party sells to the other a specified amount of a specified currency against payment of an agreed amount of a specified different currency based on an agreed foreign exchange rate (known as the spot foreign exchange rate) with an agreement to repurchase the currency sold at a future date (known as the maturity date) against the sale of the currency initially bought at a different foreign exchange rate (known as the forward foreign exchange rate); (25) ‘overnight index swap’ (OIS) means an interest rate swap where the periodic floating interest rate is equal to the geometric average of an overnight rate (or overnight index rate) over a specified term. The final payment will be calculated as the difference between the fixed interest rate and the compounded overnight rate recorded over the life of the OIS applied to the transaction nominal amount. As this Regulation focuses only on euro-denominated OIS, the overnight rate will be the EONIA; (26) ‘Basel III LCR Framework’ means the Liquidity Coverage Ratio (LCR) proposed by the Basel Committee and endorsed on 7 January 2013 by the Group of Governors and Heads of Supervision, the oversight body of the Basel Committee on Banking Supervision, as a minimum global regulatory standard for short term liquidity measures in the banking sector.