BIRD Initiative of ESCB Publishes Documentation on BIRD Release 4.0
Documentation of the Banks' Integrated Reporting Dictionary (BIRD) Release 4.0 has been published. This release has completely updated the Validation and Transformation Language (VTL) used for transformations that it is now described in the VTL 2.0, which was released in July 2018 by the SDMX community. It consists of a complete methodology used to describe the various datasets of the different layers (for example, Input Layer, Output Layer) in the BIRD.
The BIRD Release 4.0 integrates the following reporting requirements:
- EBA Implementing Technical Standards with respect to Resolution Planning data requirements, implementing the Bank Recovery and Resolution Directive and the Single Resolution Mechanism Regulation (BRRD/SRMR) framework.
- EBA Implementing Technical Standards with respect to Asset Encumbrance data requirements, under Article 100 of the Capital Requirements Regulation
- EBA Implementing Technical Standards with respect to FinRep requirements (updated to Version 2.8), implementing the Capital Requirements Directive and Regulation (CRD IV/CRR) framework.
- Regulation (EU) 2016/867 of ECB on the collection of granular credit and credit risk data for resident credit institutions and resident foreign branches of credit institutions (AnaCredit Regulation)
- Regulation (EU) No 1011/2012, as amended by Regulation (EU) 2016/1384, on the collection of Statistics on Holdings of Securities (SHS)
In addition, a meeting on BIRD testing with software vendors and consultancy companies that are participating in the testing was held in May 2019. Also, the annual meeting with software vendors and consultancy companies, which was originally planned for September 24, 2019 has been postponed to 2020, as work on BIRD testing is underway and the result of the activities will be presented in 2020.
Related Links
Keywords: Europe, EU, Banking, Reporting, Asset Encumbrance, FinRep, AnaCredit, SHS, CRR, SRMR, Statistics, BIRD Database, BIRD
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Patrycja Oleksza
Applies proficiency and knowledge to regulatory capital and reporting analysis and coordinates business and product strategies in the banking technology area
Related Articles
OSFI Issues Phase2 Consultation on Climate Scenario Exercise for Banks
The Office of the Superintendent of Financial Institutions (OSFI) recently announced a consultation on the second phase of the Standardized Climate Scenario Exercise (SCSE) for banks and other financial institutions it regulates in Canada.
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.