Bundesbank Publishes Circular on AnaCredit Reporting Requirements
Bundesbank published a circular to inform about the procedure of removal of duplicates in the AnaCredit reports submitted to Bundesbank. Bundesbank had requested the institutions that had sent duplicates in the course of their AnaCredit report, by means of individual letters, to correct such incorrectly delivered data records by June 30, 2021. However, as many institutions are busy preparing for the new supervisory reports in accordance with CRR2 Bundesbank is extending the deadline for corrections to October 31, 2021 and will not activate the validation rule, which ensures that an identifier cannot belong to two different contractual partner data records (UID rule), until November 2021. Should individual banks not be able to meet the deadline, Bundesbank expects institutions to notify the signatories of this letter by September 30, 2021 so that an individual action plan can be drawn up.
A change in the contractual partner ID, which is the most common reason for the duplicates, was not intended at any point in the AnaCredit report and is, therefore, to be interpreted as a violation of the reporting obligation from the start. These reported duplicates not only represent a violation of the reporting requirements of the Bundesbank and ECB Regulation published in the guidelines, but they also cause considerable problems in the system of Bundesbank and prevent the credit data records in question from being transmitted to ECB. Against this background, Bundesbank had announced the introduction of the UID validation rule for 08/2020 by Bundesbank in February 2020 and published it in the validation manual (version 10). This rule checks the reporting requirement that has existed since the beginning of the AnaCredit report, a requirement which stipulates that a submitted national identifier must be unique and, therefore, only be reported for a single contractual partner identifier. If this is not the case, the submitted contractual partner master data records will be rejected.
Related Link (in German): Circular (PDF)
Keywords: Europe, Germany, Banking, AnaCredit, Reporting, Validation Rules, Unique Identifier, UID, Bundesbank
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
David Fihrer
Skilled life insurance actuary; subject matter expert on IFRS 17 and source of earnings
Next Article
Dubai FSA Opens Applications for Regulatory SandboxRelated Articles
EBA Launches Stress Tests for Banks, Issues Other Updates
The European Banking Authority (EBA) launched the 2023 European Union (EU)-wide stress test, published annual reports on minimum requirement for own funds and eligible liabilities (MREL) and high earners with data as of December 2021.
EBA Proposes Standards for IRRBB Reporting Under Basel Framework
The European Banking Authority (EBA) proposed implementing technical standards on the interest rate risk in the banking book (IRRBB) reporting requirements, with the comment period ending on May 02, 2023.
FED Issues Further Details on Pilot Climate Scenario Analysis Exercise
The U.S. Federal Reserve Board (FED) set out details of the pilot climate scenario analysis exercise to be conducted among the six largest U.S. bank holding companies.
US Agencies Issue Several Regulatory and Reporting Updates
The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
ECB Issues Multiple Reports and Regulatory Updates for Banks
The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.
HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements
The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.
EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR
The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
CBIRC Revises Measures on Corporate Governance Supervision
The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.
HKMA Publications Address Sustainability Issues in Financial Sector
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
EBA Updates Address Basel and NPL Requirements for Banks
The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.
