Central Bank of Ireland Updates AnaCredit Guidance for Credit Unions
The Central Bank of Ireland published guidance for AnaCredit reporting by credit unions, in addition to Version 1.2 of the register of government body identifiers for data reporting. The guidance clarifies the expectations around reporting obligations and addresses some common issues and problems that reporting credit unions have encountered.
The AnaCredit regulation requires two returns be submitted by credit unions. One return is ACPRD, which identifies and details counterparties, while the other return is ACR1CU, which details credit positions that relate to the counterparties reported in the ACPRD return. At present, each return is due quarterly as credit unions are availing of a derogation in respect of Article 16 of the AnaCredit Regulation. However, from the end of 2020, this derogation will no longer apply and credit unions must complete these returns each month, beginning from January 2021.
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Keywords: Europe, Ireland, Banking, AnaCredit, Credit Unions, Reporting, ACPRD, ACR1CU, Register of Government Bodies, Central Bank of Ireland
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