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    BoE Publishes Second Working Draft of Statistics Taxonomy

    May 26, 2021

    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

    Comment Due Date: June 11, 2021

    Keywords: Europe, UK, Banking, Statistical Reporting, XML, Taxonomy, DPM, Validation Rules, Form DQ, Statistical Notice, BEEDS, BoE

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