ECB Extends Certain Reporting Timelines Amid COVID-19 Outbreak
ECB is allowing significant institutions to delay the submission of supervisory data under the technical standards on supervisory reporting and benchmarking of internal approaches. The allowed delay is one month, for remittance dates between March 2020 and May 2020. In addition, ECB is postponing by one month the remittance dates for its most recurring requests falling between March 2020 and May 2020. The individual Joint Supervisory Teams will communicate an updated remittance calendar to the banks they cover. ECB also published the frequently asked questions (FAQs) on supervisory measures of ECB in response to COVID-19 outbreak.
The FAQs provide clarifications on the relief measures announced so far, including those regarding asset quality deterioration and non-performing loans (NPLs), operational aspects of supervision, and capital and liquidity requirements. With respect to reporting, ECB emphasized that the liquidity coverage ratio (LCR) and Additional Liquidity Monitoring Metrics (ALMM) templates have been identified as a priority and should be reported as planned. However, the submission of the information on funding plans can be delayed by two months.
ECB also expects supervised institutions to apply the EBA harmonized reporting framework version 2.9 with the reference date March 31, 2020, in accordance with the adopted Implementing Act amending Regulation 680/2014. The grace period of one month should also be granted to less significant institutions that are subject to EBA and ECB reporting obligations under the implementing technical standards, the ECB FINREP regulation, and other rules. This flexibility is expected to reduce the operational burden on banks in the coming weeks and months and to enable banks to report with an adequate level of data quality. The measures may be extended or reviewed at a later date in response to further developments with respect to the COVID-19 outbreak.
Related Links
Keywords: Europe, EU, Banking, COVID-19, Reporting, Deadline Extension, FAQ, Benchmarking, Reporting Framework 2.9, FINREP, Internal Approaches, EBA, ECB
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Pierre-Etienne Chabanel
Brings expertise in technology and software solutions around banking regulation, whether deployed on-premises or in the cloud.
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Related Articles
FSB Report Finds Steady Increase in Climate-Related Disclosures
FSB published the annual report that examines to-date progress toward implementation of climate-related disclosure recommendations of the industry-led Task Force on Climate-related Financial Disclosures (TCFD).
PRA Consults on Proposals to Support Transposition of BRRD2
PRA launched a consultation (CP18/20) setting out proposals for the "Contractual Recognition of Bail-in" and "Stay in Resolution" Rules.
APRA Consults on Reporting Standard for Credit Risk Management
APRA is consulting on the reporting standard for credit risk management (ARS 220.0).
EC Proposes to Amend Liquidity Coverage Rules for Covered Bond Issuers
EC published draft of a delegated regulation amending liquidity coverage rules for covered bond issuers.
ESMA Confirms Endorsement of UK Credit Ratings Post Brexit Transition
ESMA published an update to its March 2019 statement on the endorsement of credit ratings from UK.
FASB Consults on XBRL US DQC Rules Taxonomy and Technical Guides
FASB is consulting on the XBRL US Data Quality Committee (DQC) Rules Taxonomy (DQCRT) along with two technical guides.
PRA Updates Q&A on Branch Return Form
PRA published Version 2 of the questions and answers (Q&A) on the Branch Return form.
Regulators Fine Goldman Sachs for Risk Management Failures
FCA and PRA in the UK, FED in the US, and the authorities in Singapore have fined Goldman Sachs for risk management failures in connection with the 1Malaysia Development Berhad (1MDB).
ISDA Launches IBOR Fallbacks Supplement and Protocol
ISDA launched the IBOR Fallbacks Supplement and the IBOR Fallbacks Protocol, with both becoming effective on January 25, 2021.
Canada Hosts International Conference of Banking Supervisors
BCBS announced that OSFI and the Bank of Canada hosted the 21st International Conference of Banking Supervisors (ICBS) virtually on October 19-22, 2020.
