Reporting of funding, obtained to supply credit to the real economy, and validation rule v4137_m

Should in table P 02.02, row 030, only the obligations be reported, which arise through the issuance of debt securities or is the reporting of loans from multilateral financial institutions and public financial institutions expected as well?

In table P 02.02 (Public sector sources of funding), row 030, National and supra-national term (greater than one year) credit supply incentive scheme to the real economy - amount of funding outstanding under such programmes should be reported. Definitional reference says: "The form of support referred here is intended to capture wholesale secured or unsecured term debt issuance support to credit institutions to issue for the sole purpose of credit intermediation to the real economy via pricing or quantum incentives from a national and/or supra-national authority." According to the validation rule v4137_m: {P 02.02, r030} <= {P 01.02, r180} only funding through debt securities issued is expected to be reported in this item. In our view the loans granted to credit institutions by public or multilateral financial institutions with the purpose of supplying credit to the real economy should also be covered in this item. Loans from such institutions ccan be an important source of funding for the banks. An example would be promotional-development financing programmes to the real economy, which are carried out by a public financial institution in the form of loans to banks as intermediates. If the validation rule v4137_m is to be followed, such funding would not be reported in table P 02.02, row 030. In our view funding from multilateral financial institutions in the form of loans should be covered as well.