BoE Publishes Second Working Draft of Statistics Taxonomy
In a recent statistical notice (2021/04), BoE published the second public working draft of version 1.2.0 of the BoE Statistics taxonomy and related artefacts. This version of the taxonomy is intended to support collection of statistical data in XBRL format (instead of the earlier XML format). The taxonomy, data point model (DPM) dictionary, annotated templates, and validation rules represent the statistical reporting requirements collected under the Statistical Code of Practice. This data point model is an extension of the EBA data point model and filings will be subject to the EBA filing rules. The feedback period on this second public working draft ends on June 11, 2021 and BoE expects to publish the final version of the taxonomy and DPM in late July or early August 2021.
This second public working draft incorporates comments received on the first public working draft, which was published in April 2021. A change log has been published to outline changes between both the draft versions. Both the public working drafts should not be used for reporting. The significant changes have been highlighted below:
- "Coverage of branch offices" modeling, previously on the z-axis, has been removed from all templates. This was initially added in relation to "point 3(a) in the General Notes and Definitions" but BoE has decided the instructions are sufficient at this time.
- Certain tables relating to form DQ have been remodeled to merge asset and liability tables. Form DQ is used to collect data on asset and liability positions in derivatives.
- Table LN.02.01.01 has been remodeled. Balance of overdrafts drawn columns now follow the same structure as the rest of the table by sitting under the small and medium-sized businesses and large businesses grouping columns.
- Nearly 200 modifications have been introduced to the validation rules, primarily this is due to the addition of global filters to ensure validations are only triggered in expected situations. Additionally, certain bug fixes address mistakes reported in the way a validation has been defined. Some of the mentioned modeling updates also resulted in amendments to validations.
BoE had announced, in November 2020, that the Data and Statistics Division is planning to move collection of statistical data to the BoE Electronic Data Submission (BEEDS) portal. This statistical notice (2021/04) mentions that migration to the new system will take place over an extended period and BoE will have a pilot of early adopters. BoE hopes to be ready to onboard users to BEEDS toward the end of this year. BoE is planning a project overview session open to all reporting firms where it will share a timeline and discuss the project in detail. BoE will be in touch with firms in the coming weeks to schedule these sessions. Bo is also planning to form a working group of firms, wherein regular updates and general progress of the project will be discussed for firms that do not use a software house. Firms are requested to inform BoE if they do not use a software house to send statistical data to BoE.
Related Links
- Statistical Notice
- Taxonomy Release Note (PDF)
- XBRL Taxonomy (ZIP)
- DPM (ZIP)
- Taxonomy Validations (XLSX)
- Taxonomy Sample Instances (ZIP)
- Change Log (XLSX)
Comment Due Date: June 11, 2021
Keywords: Europe, UK, Banking, Statistical Reporting, XML, Taxonomy, DPM, Validation Rules, Form DQ, Statistical Notice, BEEDS, BoE
Related Articles
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.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
