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
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