BCL Issues Updates on AnaCredit Reporting
BCL updated the list of reporting agents under the AnaCredit Regulation. Also published is an AnaCredit newsletter, which contains news and frequently asked questions (FAQs) on the AnaCredit data collection, including a reminder about the next AnaCredit reporting dates. The newsletter also informs that ECB and national central banks are developing and implementing comparisons between AnaCredit and reports from other statistical datasets. These include reports on balance sheet items (BSI/S1.1 and S2.5), interest rates (MIR/S1.5), and prudential reports (COREP/FINREP). These new controls are planned for 2020. Once the technical specifications have been finalized, BCL will update the relevant documentation on its website.
The AnaCredit newsletter highlights that BCL expects to receive AnaCredit reporting on time, despite the disruption caused by the COVID-19 pandemic. ECB has not changed the reporting schedule, as it is essential to have reliable statistical information, especially in times of crises. In the event of major difficulties in producing AnaCredit reports, the reporting agents are requested to contact BCL before the submission deadlines of the reports. Furthermore, following discussions with the IT suppliers of reporting solutions on February 29, 2020, it was agreed that the transmission channels will take care of XML Schema Definition (XSD) validation of AnaCredit reports. Thus, submissions that are not valid from an XSD point of view will not be transmitted to BCL. The reporting agent will immediately be informed that it is not in compliance with the requirements of BCL. The transmission channels will gradually implement this blocking of files with XSD errors during 2020.
With respect to the effect of Brexit on AnaCredit reporting, BCL states that rules CS0021 and CS0140 no longer apply to counterparties resident in the United Kingdom. Thus, legal forms starting with EU can no longer be used. Conversely, legal forms starting with RW are accepted for the United Kingdom for all reports since February 2020. This adaptation will be implemented in the BCL software as soon as possible. In the meantime, if a reporting agent receives BCL feedback with one of the above errors without justification, it should be ignored.
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Keywords: Europe, Luxembourg, Banking, AnaCredit, COVID-19, Reporting, Brexit, Newsletter, COREP, FINREP, Statistics, BCL
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