In a recent statistical notice (2021/03), BoE announced publication of the public working draft of version 1.2.0 of the BoE Statistics taxonomy, along with related documents. This version of taxonomy is intended to support the collection of statistical data in XBRL format, which was previously collected in an 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. The data point model is an extension of the EBA data point model and filings will be subject to the EBA filing rules. This public working draft should not be used for reporting. The feedback period on this public working draft ends on May 21, 2021 and BoE expects to publish the final version of the taxonomy and DPM in late July or early August 2021.
The release notes of the public working draft highlight the following key points:
- Reporting of Form AS (Monetary Financial Institution, or MFI, holdings of securities collection) and Form FV (Financial vehicle corporations collection) is currently completed against BoE Statistics taxonomy version 1.1.0. In the public working draft of version 1.2.0, there are minor amendments to these modules to bring consistency across the full suite of forms. Validation rules currently implemented in version 1.1.0 for forms AS and FV are not in the draft of version 1.2.0 but these will be added for the final version. BoE will give timelines for when version 1.2.0 should be used for reporting forms AS and FV with the final publication of the taxonomy in late July/early August.
- As the forms have been modeled in a data-centric manner, box codes are no longer used. In the supporting Excel documents table, row, column, and sheet references are used, which makes it clear for which validation rules which data points are being compared.
- The code assigned to each validation rule is prefixed by the related module(s). For cross form rules, the modules are listed alphabetically.
- For the public working draft publication, all forms are structured as separate modules within the same framework. There is also an "all" module, which has all templates and validations associated to it. This structure should not be considered finalized at this stage but feedback is welcome on the approach.
- A sample file for each entry point in the taxonomy has been provided for illustration. The files contain random data, which should not be assumed to comply with the validation rules, EBA filing rules, or any other technical or business requirements for valid reporting.
- BoE intends to move away from using the reporting institution code as the firm identifier for statistical reporting. In the draft of version 1.2.0, data points have been included for reporting the Legal Entity Identifier (LEI) or Firm Reference Number (FRN) as the firm identifier within the basic information template. It will be made clear with the final taxonomy publication what should be used as a firm identifier.
The statistical notice (2021/03) also sets out that the applicable ratio for the next adjustment to cash ratio deposits is due on June 01, 2021 and the data will be published on May 21, 2021 on the BoE website. BoE will issue call notices to cash ratio deposit-payers (which will include this revised cash ratio deposit ratio) shortly thereafter. This ratio will be applied to average eligible liabilities in excess of GBP 600 million over the previous six end-calendar months. The deadline for revisions to eligible liabilities to be reflected in the June adjustment is May 19, 2021. Cash ratio deposits are non-interest bearing deposits lodged with BoE by eligible institutions (that is banks and building societies), which have reported average eligible liabilities in excess of GBP 600 million over a six-month calculation period. The level of cash ratio deposit of each institution is calculated twice every year, in May and November.
- Statistical Notice
- Taxonomy Release Notes (PDF)
- XBRL Taxonomy (ZIP)
- DPM (ZIP)
- Taxonomy Validations (XLSX)
- Taxonomy Sample Instances (ZIP)
Comment Due Date: May 21, 2021
Keywords: Europe, UK, Banking, Statistical Reporting, XML, XBRL, Taxonomy, DPM, Validation Rules, Form AS, Form FV, Cash Ratio Deposits, BoE
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