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8.36.            In order to assess the magnitude of the limitations of the ITRS, Banque de France organized a parallel run between the “old” ITRS-based system and the new system based on the Enquête complémentaire sur les échanges internationaux de services (ECEIS), in order to perform all appropriate testing on the ECEIS survey (see chapter 6, para. 6.56 (b). The results indicated that the ITRS could be replaced by a direct reporting system. It should be noted, however, that some traces of the old system have been retained in the new system: an ITRS still provides data from all transactions higher than €50,000 that intermediaries complete for their clients vis-à-vis counterparties located outside SEPA. The survey is particularly useful for identifying firms that should be integrated into the direct reporting system.

 

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