(3) Funds to cover the costs of the IOM services that are incurred in accordance with this Memorandum and with the approved annual programme shall be paid by the Ministry of the Interior, on a quarterly basis, to the IOM's bank account in Ljubljana.

The Corporation shall maintain separate records and accounts in respect of the funds in the Account and the funds disbursed by the Corporation pursuant to the provisions of this Agreement, and the Corporation shall furnish quarterly to the Ministry a statement of account on such records and accounts.

"The prices for feed grain on the world market shall be determined quarterly on the basis of the price for such grain recorded for the five months ending one month before the quarter in respect of which the said component is calculated."

The compilation of government quarterly financial accounts will require additional resources in Member States, and cannot therefore be dealt with by a Commission Decision but should rather be adopted by a specific Regulation of the European Parliament and of the Council.

That report also stated that high priority should be given to short-term public finance statistics for Member States, in particular those participating in Economic and Monetary Union, and that the objective was the compilation of quarterly government financial accounts following a step-by-step approach.

Quarterly national data of financial accounts (transactions and balance sheets) for the government sector make up a large proportion of all financial transactions and financial balance sheets in the euro area and provide important information to support the conduct of monetary policy.

The purpose of this Regulation is to list and define the main characteristics of the European System of Accounts (ESA 95) categories of financial transactions and of financial assets and liabilities for the general government sector and for each of the subsectors within general government, to be transmitted to the Commission (Eurostat) quarterly following a step-by-step approach.

Commission Regulation (EC) No 264/2000 of 3 February 2000 on the implementation of Council Regulation (EC) No 2223/96 with respect to short-term public finance statistics(4) and Regulation (EC) No 1221/2002 of the European Parliament and of the Council, of 10 June 2002 on quarterly non-financial accounts for general government(5) specify the non-financial quarterly data for general government that is to be transmitted to the Commission (Eurostat) by Member States.

Quarterly accounts

41 Quarterly accounts

QUARTERLY ECONOMIC ACCOUNTS

'Quarterly economic accounts'.

Content of the quarterly non-financial accounts for general government

Categories concerned by the transmission of quarterly data

the ESA also contains chapters on regional accounts and quarterly accounts;

the analysis of seasonal patterns in household expenditure on the basis of quarterly accounts;

Of course, a guiding principle should be that the quarterly accounts shall be consistent with the annual accounts, in order that the quarterly accounts forecast the definitive results as closely as possible.

Since quarterly accounts adopt the same framework as annual accounts they have to be consistent over time with them.

The statistical methods used for compiling quarterly accounts may differ quite considerably from those used for the annual accounts.

The quarterly economic accounts constitute a coherent set of transactions, accounts and balancing items, defined in both non-financial and financial domains, recorded on a quarterly basis.

Financial accounts are derived from various statistics and a part of the quarterly data is estimates.

Within some systems, the annual accounts are a by-product of the quarter system and there is no separate annual calculation.

In particular, this is significant in quarterly accounts, e. g. agricultural crops not being completed within a quarter of a year.

The ESA is not restricted to annual national accounting, but applies also to quarterly accounts (5) and regional accounts (6).

The Executive Board of the ECB shall report yearly to the Governing Council of the ECB on the quality of the quarterly euro area financial accounts.

The ECB shall report to the NCBs the quarterly euro area financial accounts that the ECB compiles and publishes in its monthly bulletin.

These features include statistical methods of compiling accounts, seasonality and the treatment thereof, consistency of quarterly and annual accounts and some account particularities related to the reference period.

Regulation (EC) No 1221/2002 of the European Parliament and of the Council of 10 June 2002 on quarterly non-financial accounts for general government

Specific issues related to quarterly accounts in constant prices will be discussed in the forthcoming handbook on quarterly accounts.

The period of time to which the quarterly accounts relate and the need to have reliable information as quickly as possible determine certain typical features.

The calculation of euro-zone aggregates in the shortest possible time will require the timely production of quarterly national accounts and the implementation of flash estimates.

(4) In order to compile quarterly statistics for the euro area, the time limit for transmission of the main aggregates of national accounts should be reduced to 70 days.

Quarterly non-financial accounts for general government are defined by reference to the list of government expenditure and revenue included in Commission Regulation No 1500/2000.

Direct procedures are based on the availability at quarterly intervals, with appropriate simplifications, of the similar sources as used to compile the annual accounts.

The quarterly accounts series quite often show very short-term variations due to weather, habits, legislation, etc., usually defined as seasonal fluctuations.

The content of the quarterly non-financial accounts for general government is defined in the Annex by reference to a list of ESA 95 categories constituting general government expenditure and revenue.

These typical features will be extensively analysed in a handbook of quarterly accounts that Eurostat intends to publish before the application of this methodology.

Regulation (EC) No 1221/2002 of the European Parliament and of the Council of 10 June 2002 on quarterly non-financial accounts for general government (OJ L 179, 9.7.2002, p. 1).

For quarterly national accounts the new recording principle will have far-reaching implications for the recording of agricultural output in the non-seasonally-adjusted accounts.

Regulation (EC) No 1221/2002 of the European Parliament and of the Council of 10 June 2002 on quarterly non-financial accounts for general government ( fn ) is to be incorporated into the Agreement.

Amendments to Table 1 - Main aggregates, quarterly and annual exercise - of Annex B - Transmission Programme of National Accounts Data - of Regulation (EC) No 2223/96, (ESA 95)

Guideline of the European Central Bank of 21 November 2002 on the statistical reporting requirements of the European Central Bank in the field of quarterly financial accounts (ECB/2002/7)

To fulfil its tasks the European Central Bank (ECB) needs comprehensive and reliable quarterly financial accounts for euro area institutional sectors and for the rest of the world.

(5) Quarterly and annual derogations accorded to Member States that prevent the compilation of the main aggregates of national accounts for the euro area and the Community should be abrogated.

The quarterly economic accounts form an integral part of the system of national accounts and, among other uses, are very important for the analysis of the current year and calculation of provisional estimates for the last year.

The compilation of quarterly non-financial accounts for general government will require additional resources in Member States. Their transmission to the Commission cannot therefore be dealt with in a Commission Decision.

Part of the information necessary to meet the ECB's statistical requirements in the field of quarterly euro area financial accounts is compiled by competent national authorities other than NCBs.

Although seasonality is an integral part of quarterly data, it is often an impediment to the correct identification and analysis of the cycle-trend component.From this consideration follows the need to compile both raw and seasonally adjusted accounts.

'The prices for feed grain on the world market shall be determined quarterly on the basis of the prices for such grain recorded for the five months ending one month before the quarter in respect of which the said component is calculated.'

The prices for feed grain on the world market shall be determined quarterly on the basis of the price for such grain recorded for the five months ending one month before the quarter in respect of which the said component is calculated.'