Change in the valuation criterion for the Outstanding Amount of Inflation-Linked securities issued by the Central Government

The section on Securities issuance statistics includes a modification approved within the framework of the Securities issuance statistics of the European System of Central Banks (ESCB), which exclusively affects inflation-linked securities issued by the Central Government. From now on, the outstanding amount of these issues will reflect only the face value. Prior to this change, the value also included the accumulated inflation as of each reference date.

In accordance with the current revision policy for aggregated securities statistics, the data has been revised for the past 36 months. The revision of the historical series, dating back to the inception of these statistics in December 2020, remains pending for a later date. The amount of the revision to the outstanding amount at face value, depending on the period considered, ranges between -8 billion and -18 billion euros. The tables affected by this modification are 21.6, 21.11, 21.15, 21.19, and 21.24.