Eurostat, the statistical office of the European Union, said it intends to further clarify the rules on securitization operations in its ESA95 manual on government deficit and debt, following the numerous problems that have arisen interpreting existing rules - in particular, the guarantee provisions and risk transfer benefits for EU member states.

In a statement issued last week, Eurostat said that its tweaked ruling could lead to changes in data reporting for some member states in next year's March notification. Last week Eurostat provided the government debt and deficit data based on figures reported in the second notification period this year by EU member states for the application of excessive debt procedures calculated between 2001 through 2004.

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