ECB released a communication to reporting agents on the collection of statistical information in the context of COVID-19 outbreak. ECB is inviting the national central banks and reporting agents to find pragmatic solutions in the existing legal framework to keep data reporting within limits that are manageable for reporting agents, while maintaining the quality of the statistical information at a level that is fit for purpose.
The national central banks and reporting agents are invited to afford each other the degree of cooperation necessary to achieve this outcome in the context of their specific national circumstances and they will have the full support of ECB in their efforts. Measures to facilitate proportionality in the reporting of statistical information could under the current circumstances include reducing less important quality checks and related interactions necessary to ensure that the statistical information remains fit for purpose. In case of difficulties of reporting, reporting agents should contact their national central banks and ECB, as appropriate, and they will be offered assistance.
ECB and the national central banks acknowledge that the COVID-19 pandemic poses considerable and diverse challenges to reporting agents across the euro area and EU. ECB is determined to continue collecting, on a timely basis, high-quality data that is fit for purpose, to have at its disposal the necessary statistical information to adjust all of its measures, as appropriate. The efforts of reporting agents to continue their statistical reporting to ECB and national central banks of the euro area are essential to ensure that all sectors of the economy can benefit from the supportive financing conditions secured by the policy measures of ECB, enabling them to absorb this significant shock. The ECB and the Eurosystem national central banks cooperate closely with other European institutions and bodies and will, together with the reporting agents, rise to these unprecedented challenges and ensure that the data and statistics required to support the necessary policy measures are available and fit for purpose.
Related Link: ECB Communication (PDF)
Keywords: Europe, EU, Banking, Statistics, Reporting, COVID-19, Proportionality, Data Quality, Data Collection, Statistical Reporting, ECB
Leading economist; commercial real estate; performance forecasting, econometric infrastructure; data modeling; credit risk modeling; portfolio assessment; custom commercial real estate analysis; thought leader.
Previous ArticleECB Extends Certain Reporting Timelines Amid COVID-19 Outbreak
The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.
The European Council and the European Parliament (EP) reached a provisional political agreement on the Corporate Sustainability Reporting Directive (CSRD).
The Prudential Regulation Authority (PRA) launched a consultation (CP6/22) that sets out proposal for a new Supervisory Statement on expectations for management of model risk by banks.
The European Commission (EC) published the Delegated Regulation 2022/954, which amends regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.
The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.
The European Insurance and Occupational Pensions Authority (EIOPA) published two consultation papers—one on the supervisory statement on exclusions related to systemic events and the other on the supervisory statement on the management of non-affirmative cyber exposures.
Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)
The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.
The Bank for International Settlements (BIS) published bulletins on lending in decentralized finance (DeFi) system, on blockchain scalability and fragmentation of crypto, and on extractable value and market manipulation in crypto and decentralized finance.
The Prudential Regulation Authority (PRA) issued a statement on PRA buffer adjustment while the Bank of England (BoE) published a notice on the statistical reporting requirements for banks.