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.
Comment Due Date: June 11, 2021
Keywords: Europe, UK, Banking, Statistical Reporting, XML, Taxonomy, DPM, Validation Rules, Form DQ, Statistical Notice, BEEDS, BoE
The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
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.
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.
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.
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.
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
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.
The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.
The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.
The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.