ECB Aims to Implement Integrated Reporting Framework by 2027

The integrated reporting framework seeks to integrate the existing ESCB statistical data requirements for banks, as far as possible, into a unique and standardized reporting framework applicable across the euro area. In its initial phase, the integrated reporting framework is focusing primarily on ECB statistical datasets related to banks and will, hence, cover the requirements of ECB regulations on balance sheet items (BSI) and interest rates (MIR) of monetary financial institutions, Securities Holdings Statistics (SHS), and AnaCredit. The integrated reporting framework also envisages the integration of reporting obligations on banks’ own positions and transactions arising in the context of statistics on balance of payments, international investment positions, financial accounts, and securities issued. Other requirements arising from the collection frameworks of international organizations (for example, the BIS Locational Banking Statistics or the IMF Standardized Report Forms) are also being considered. To make sufficient progress on reducing the reporting burden in the short term, the ESCB strategy for collecting data from banks envisages launching two parallel intermediate steps without delay:

• Integrate the data reported for statistical purposes to the ESCB—that is, implement the integrated reporting framework
• Enhance the integration of resolution and prudential reporting

Both workstreams must converge as soon as possible. The priority for ensuring this convergence is to develop a common data dictionary and a common data model for the statistical, resolution, and prudential reporting frameworks. A joint committee (comprising representatives from relevant European and national authorities and involving the banking industry in certain tasks) should be set up to steer the integrated reporting framework process along with the parallel integration of resolution and prudential data reporting. A cost-benefit analysis of the impact of the integrated reporting framework has been initiated in close cooperation with banks and other stakeholders. The Eurosystem will next assess the results of the cost-benefit assessment questionnaire and identify the optimal features that would best suit banks and Eurosystem reporting areas, compilers, and users. ECB will publish the results of the cost-benefit assessment questionnaire in 2021 and will begin drafting a regulation on the integrated reporting framework in 2022.

A public consultation on the draft legal act collecting additional feedback from the interested stakeholders is currently scheduled for 2023. The legal act will then be adopted by the Governing Council. The IReF Regulation will replace the existing regulations on BSI, MIR, SHS, and AnaCredit with respect to the requirements of deposit-taking corporations. The MIR and AnaCredit regulations would thus be repealed, while the BSI and SHS regulations would be recast or amended to exclude deposit-taking corporations from the respective reporting populations.

Related Links

• Overview of Integrated Reporting Framework (PDF)
• Cost-Benefit Assessment Questionnaire (PDF)
• Annex to Questionnaire (PDF)

Keywords: Europe, EU, Banking, Reporting, Integrated Reporting Framework, Statistical Reporting, SHS, AnaCredit, ESCB, SSM, IREF Regulation, ECB