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
Previous ArticleECB Extends Certain Reporting Timelines Amid COVID-19 Outbreak
IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.
BIS announced that it will establish new Innovation Hub centers across Europe and in North America in cooperation with member central banks.
FED updated the reporting form for FR 2052a, which is used to monitor the overall liquidity profile of certain supervised institutions.
PRA published a statement that sets out its views on certain amendments made to Capital Requirements Regulations (CRR and CRR2) via EU Regulation 2020/873 (CRR "Quick Fix"), including some guidance for firms.
The Climate Financial Risk Forum (CFRF), which is a joint climate risk forum of FCA and PRA, published a guide written by the industry for the industry to help firms approach and address climate-related financial risks.
IAIS published an application paper on liquidity risk management for insurers.
EBA published its response to the EC consultation on a new Digital Finance Strategy for Europe.
EIOPA responded to the EC consultation on a new digital finance strategy for Europe.
ESMA published its response to the EC consultation on the new digital finance strategy for EU.
FSB published, for consultation, a report on evaluation of the too-big-to-fail (TBTF) reforms for systemically important banks.