STATUTORY INSTRUMENTS.

S.I. No. 124 of 2005 .

STATISTICS (BALANCE OF PAYMENTS AND FINANCIAL ACCOUNTS) ORDER 2005.

S.I. No. 124 of 2005 .

STATISTICS (BALANCE OF PAYMENTS AND FINANCIAL ACCOUNTS) ORDER 2005.

I, TOM KITT, Minister of State at the Department of the Taoiseach, in exercise of the powers conferred on me by sections 4 and 25(1) of the Statistics Act, 1993 (No. 21 of 1993) and the Statistics (Delegation of Ministerial Functions) Order, 2004 ( S.I. No. 664 of 2004 ), hereby order as follows:

1. (1) This Order may be cited as the Statistics (Balance of Payments and Financial Accounts) Order, 2005.

(2) This Order comes into operation on 3rd March 2005.

2. (1) In this Order--

“non-resident” means a person who is not a resident;

“particulars” includes information relating to a state, part of a state, a geographical region and a territory;

“resident” means--

(a)  any person residing in the State,

(b)  any person conducting a business within or outside the State who has a registered office in the State in respect of that business, or

(c)  in respect of a business conducted at a location in the State, the person conducting that business.

(2) In this Order a reference to an Article or Schedule is a reference to an Article of or Schedule to this Order.

3. This Order applies to--

(a) all persons and undertakings engaged in,

(b) all persons and undertakings acting on behalf of other persons and undertakings engaged in and

(c) undertakings, being associations of persons and undertakings referred to in paragraphs (a) and (b), which collect information from those persons and undertakings relating to,

any or all of the transactions specified in Part 1 of the Schedule.

4. A person or undertaking to which this Order applies shall provide the Central Statistics Office with the information specified in Part 2 of the Schedule.

5. Information, the general nature of which is specified in Part 2 of the Schedule, is prescribed as information required to be provided for the purposes of surveys of persons and undertakings to whom this order applies.

6. Information referred to in Article 5 shall be provided, when requested by the Director General, monthly, quarterly, half yearly or annually.

7. (1) Subject to paragraph (2) of this Article, a person or undertaking required by virtue of this Order to provide information to the Central Statistics Office shall provide such information by the completion of forms and questionnaires prepared by the Director General of the Central Statistics Office in accordance with section 23 of the Statistics Act 1993 ( No. 21 of 1993 ).

(2) A person or undertaking required by virtue of this Order to furnish information shall be deemed to comply with that obligation where, with the consent of the Director General of the Central Statistics Office, the information is furnished by electronic means and provided that the Director General approves the format or manner in which the information is provided.

8. The Statistics (Balance of Payments) Order, 2001 ( S.I. No. 542 of 2001 ) is revoked.

SCHEDULE

Part 1

(a) Provision of goods, services or financial instruments to non-residents;

(b) Receipt of goods, services or financial instruments from non-residents;

(c) Acquisition or disposal of a financial claim on non-residents;

(d) Incurrence or redemption of a financial liability to non-residents;

(e) Payment of income to non-residents;

(f) Receipt of income from non-residents.

Part 2

(a) Particulars of shareholdings in or ownership of the undertaking;

(b) Patriculars of shareholdings in or ownership of any undertaking;

(c) Particulars relating to the value of goods, services and financial instruments provided by a person or an undertaking to residents or non-residents, or to both, in the period concerned;

(d) Particulars relating to the value of goods, services and financial instruments received by a person or an undertaking from residents or non-residents, or from both, in the period concerned;

(e) Particulars relating to the value of transactions in respect of financial claims on residents or non-residents, or on both, engaged in by a person or an undertaking;

(f) Particulars relating to the value of transactions in respect of financial liabilities to residents or non-residents, or to both, engaged in by a person or an undertaking;

(g) Particulars relating to the value of financial claims on residents or non-residents, or on both, held by a person or an undertaking;

(h) Particulars relating to the value of financial liabilities to residents or non-residents, or to both, held by a person or an undertaking;

(i)  Particulars relating to the value of amounts received or receivable by a person or undertaking from residents or non-residents, or from both;

(j)  Particulars relating to the value of amounts paid or payable by a person or undertaking to residents or non-residents, or to both;

(k) The address of and trading name or names and any other aliases by which the undertaking is known;

(l) The description of the business in which the person or undertaking is engaged.

EXPLANATORY NOTE.

(This note is not part of the Instrument and does not purport to be a legal interpretation).

The Statistics (Balance of Payments) Order, 2001 ( S.I. No. 542 of 2001 ) made under the Statistics Act, 1993 has been in place since 3rd December 2001. It is proposed to introduce a new order to be called The Statistics (Balance of Payments and Financial Accounts) Order, 2005.

While the present Order is adequate for Balance of Payments statistics, it is not adequate for compiling statistics on National Accounts (Financial Accounts in particular). These statistics cover economic transactions and relevant asset and liability balance sheet positions between residents of Ireland and their non-resident counterparts and between couterparts who are both residents of Ireland. The present Statutory Order refers only to non-resident counterparts and as such is not sufficient.