January 2010

Chapter 8: Other Monetary Financial Institutions

Banco de España Circular 6/2008 of 26 November 2008 amended Circular 4/2004 on the financial reporting rules of credit institutions. Under this circular, the euro area financial statements of institutions began, in disclosures relating to December 2008 and thereafter, to apply new rules in accounting for the acquisition of securites of securitisation special purpose entities used to securitise financial assets kept on the institution's balance sheet. Until November 2008, when an institution purchased these securities, the accounting entry made was not an addition to the institution's securities portfolio, but rather a reduction of the liabilities in the form of time deposits that had been recorded previously when the securitisation transaction was carried out. Beginning from the December 2008 statements, these securities are being recorded in the institution's portfolio and the liability-side deposits maintained. From the present edition of the Boletín Estadístico, in order to show homogeneous historical data, the series involved have been revised from November 2008 backwards. That is, the securities of securitisation special purpose entities purchased are included in the institution's securities portfolio while the liability-side time deposits are maintained.