list of monetary financial institutions and ... - Suomen Pankki

Foreword
Background
The “List of Monetary Financial Institutions
and institutions subject to minimum reserves”
(“List of MFIs”) is published by the European
Central Bank in accordance with Article 3.2 of
the Regulation of the European Central
Bank of 22 November 2001 concerning the
consolidated balance sheet of the monetary
financial institutions sector (ECB/2001/13)
and Article 2.3 of the Regulation of the
European Central Bank of 12 September
2003 on the application of minimum reserves
(ECB/2003/9).
Aim
This publication relates to the Monetary
Financial Institutions sector (MFI sector) as at
the end of December 2004.
The List of MFIs comprises institutions
resident in the European Union (EU) which
comply fully with the definition of an MFI 2 and
correspond to Sectors 121 and 122 of the
European System of Accounts 1995
(ESA 95) 3 classification.
The objectives of the List of MFIs include
facilitating the production of a comprehensive
and consistent balance sheet of the moneycreating
sector in the euro area and ensuring
that the information on the statistical
reporting population is as complete, accurate
12 See the “Definition of terms” below.
3 The European System of Accounts 1995 (ESA 95)
and Official Journal L 310, 30 November 1996.
and homogeneous as possible. In addition to
the national central banks of the EU and the
ECB, the List of MFIs includes credit
institutions (as defined in Community law),
money market funds and other institutions
fulfilling the MFI.
The List of MFIs is moreover based on
Article 19.1 of the Statute of the European
System of Central Banks and of the
European Central Bank (Statute of the
ESCB), which empowers the ECB to require
credit institutions established in the euro area
to hold minimum reserves in pursuance of
monetary policy objectives.
Branches located in the euro area of
institutions without a registered office in the
euro area are also subject to the
Eurosystem’s minimum reserve requirements.
The ECB may exempt a specific institution if
it is subject to winding-up proceedings or
restructuring measures or if the application of
the Eurosystem’s minimum reserve
requirements to the institution concerned
would not serve the intended purpose. Only
institutions subject to the Eurosystem’s
minimum reserve requirements are eligible to
be counterparties to the Eurosystem’s
monetary policy operations.
Structure
The introductory pages of this publication
provide definitions of relevant terms and
analyses of the MFI sector in the EU as at
the end of December 2004, including
developments since the start of Stage Three
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