The Central Bank of Luxembourg (BCL) updated the methodology used for the comparison between AnaCredit and other statistical and prudential reports. The European Central Bank (ECB) and the national central banks have introduced a quarterly comparison report between AnaCredit and the balance sheet items report (iBSI/S 1.1). The comparison is aimed to evaluate consistency between these reports and verify the completeness of AnaCredit data. The establishment of a comparison with other prudential reports (COREP/FINREP) is also scheduled for 2021.
In addition, BCL has published the newsletter on AnaCredit, with the following key updates::
- Even if some reference periods have been validated by BCL, either ECB, or BCL, still has the right to ask for corrections in case of important structural errors. The general rule is that errors, which are detected during the current production period, have to be corrected for 12 months prior to the reference date (which is analyzed during the current production period).
- The comparison between AnaCredit and FINREP/COREP is being developed at the BCL/ECB level, with the first set of feedback to be sent out in the beginning of 2022.
- The BCL-ECB have established cross-checks between the “XJustiz-ID” code of the national identifiers of German counterparties and their locality within the Register of Institutions and Affiliates Database (RIAD).
- The non-compliance framework, which is being set into place for AnaCredit, is planned to be launched by the end of this year, with the BCL instructions expected to be updated accordingly.
- BCL-ECB have started to create advanced data quality checks on specific attributes; these checks have been sent to the concerned reporting agents. In the near future, further checks on consistency, concentration of values, and dummy values will be implemented. As of now, the checks are on the interest rates (low/high median interest rates, concentration of non-applicable on interest rates) and probability of default (concentration of values in the probability of default).
Keywords: Europe, Luxembourg, Banking, AnaCredit, Reporting, Validation Rules, COREP, FINREP, RIAD, Data Quality Checks, Newsletter, ECB, BCL
Previous ArticleACPR Issued Update on Reporting Via OneGate Portal
In a letter addressed to the industry, the Australian Prudential Regulation Authority (APRA) set out an updated schedule of policy priorities for the banking, insurance, and superannuation industries.
The European Commission (EC) adopted a comprehensive review package of Solvency II rules in the European Union.
The Office of the Comptroller of the Currency (OCC) issued Versions 1.0 of the "Earnings" and "Regulatory Reporting" booklets of the Comptroller's Handbook.
The European Central Bank (ECB) published results of its economy-wide climate stress test, which aimed to assess the resilience of non-financial corporates and euro area banks to climate risks.
The European Banking Authority (EBA) published a report on the use of digital platforms in the banking and payments sector in European Union.
The Hong Kong Monetary Authority (HKMA) published updates on the policy measures that were announced in context of the ongoing pandemic.
The International Swaps and Derivatives Association (ISDA), along with several other associations, submitted a joint response to the Basel Committee on Banking Supervision (BCBS) consultation on preliminary proposals for the prudential treatment of cryptoasset exposures.
BIS published the September issue of the Quarterly Review, which contains special features that analyze the rapid rise in equity funding for financial technology firms, the effectiveness of policy measures in response to pandemic, and the evolution of international banking.
The Basel Committee for Banking Supervision (BCBS) met in September 2021 and reviewed climate-related financial risks, discussed impact of digitalization, and welcomed efforts by the International Financial Reporting Standards (IFRS) Foundation to develop a common set of sustainability reporting standards
The Office of the Comptroller of the Currency (OCC) issued a Cease and Desist Order against MUFG Union Bank for deficiencies in technology and operational risk governance.