European Central Bank sets HFCS core output variable reporting, imputation and anonymisation rules for national central banks

The European Central Bank has published Annex I specifying the “core output variables” that national central banks (NCBs) must transmit to the ECB for the HFCS, alongside detailed instructions on reporting units, handling of missing values and the structure of looped and multi-option variables. NCBs must report core output variables at household level or at individual level (either for all household members or for those aged 16 and over). Core variables are to be reported for all respondents, with remaining missing values and special answers generally required to be imputed before submission unless Table A allows “don’t know” (-1) and “no answer” (-2) codes. The annex permits missing values for anonymisation, but requires bracketed or categorical versions of selected variables (such as age bands and employee-number brackets) to be reported with actual values even where the more granular counterpart is suppressed. It also defines reference concepts (including “current”, “constant”, “wealth reference date” and “income reference period”), sets default looping conventions (typically three loops, with up to seven for pension plans), and documents the required sample-register and technical variables, including five implicates per imputed value and transmission of 1,000 replicate weights. Further specifications define what constitutes a “private household” for coverage purposes, including treatment of financially dependent persons living away, temporary absences, and exclusions for collective households and institutions.