ECB published input of the European System of Central Banks (ESCB) into the EBA feasibility report on reducing the reporting burden for banks in EU. The ESCB report proposes to reduce the reporting burden for banks in the fields of statistical, resolution, and prudential reporting, without losing the information content that is indispensable to monetary policy, resolution, and supervisory tasks. As part of its mandate under the revised Capital Requirements Regulation or CRR2, EBA was required to conduct a feasibility study and requested that input from the ESCB be taken into account. The Supervisory Board of Single Supervisory Mechanism (SSM) was also consulted on this report.
The report identifies the integration of reporting requirements for statistical, resolution, and prudential reporting as the main priority to reduce the reporting burden. The report also identifies a common standard data dictionary and a common data model as the necessary prerequisites to achieve this. This can be achieved through smarter procedures, such as harmonized transmission reporting formats, the removal of duplications, and improved data sharing between authorities. A joint committee needs to be established to lead this work. It should consist of EBA, ESCB, other relevant European and national authorities, and representatives of the banking industry when implementation aspects are discussed. The report recommends the swift development of an informal joint committee to help steer the main issues until a formal joint committee is legislated by the European Parliament and Council. Moreover, the report identifies a central data collection point as a medium-term objective, while enhanced data-sharing arrangements among authorities can already be promoted by the joint committee in the short term.
This report proposes to achieve a fully integrated reporting framework for statistical, prudential and resolution reporting via two parallel intermediate steps: the integration of the data reported for statistical purposes to ESC, and an integrated system for resolution and prudential reporting. These two parallel work streams should converge as soon as possible, with the aim of achieving a full-fledged integrated system in the medium term. Therefore, the joint committee must ensure a strong level of mutual interaction, for example, through the development of a common standard data dictionary and common data model for the statistical, resolution and prudential reporting frameworks. The overall process requires ambitious and strong engagement for full integration from the outset, accompanied by a step-wise plan and a timeline that will inevitably be spread over many years. These efforts should help to reduce the reporting burden for banks and increase the quality of the data received by authorities. As a result, banks would be able to reduce costs, and authorities could better monitor developments in the banking industry.
Keywords: Europe, EU, Banking, ESCB, CRR2, Reporting, Reporting Burden, SSM, Integrated Reporting System, Basel, Statistical Reporting, Resolution Framework, EBA, ECB
APRA announced the standardization of quarterly reporting due dates for authorized deposit-taking institutions.
Bundesbank published a list of "EntryPoints" that are accepted in its reporting system; the list provides taxonomy version and name of the module against each EntryPoint.
The private sector working group of ECB on euro risk-free rates published the recommendations to address events that would trigger fallbacks in the Euro Interbank Offered Rate (EURIBOR)-related contracts, along with the €STR-based EURIBOR fallback rates (rates that could be used if a fallback is triggered).
EBA published the phase 1 of its reporting framework 3.1, with the technical package covering the new reporting requirements for investment firms (under the implementing technical standards on investment firms reporting).
Asia Pacific Australia Banking APS 111 Capital Adequacy Regulatory Capital Basel RBNZ APRA
ESMA published the final guidelines on outsourcing to cloud service providers.
EBA published annual data for two key concepts and indicators in the Deposit Guarantee Schemes (DGS) Directive—available financial means and covered deposits.
OSFI has set out the schedule for release of draft guidance on the management of technology risks by federally regulated financial institutions and private pension plans.
MAS updated rules for new housing loans by banks and finance companies.
HKMA published a statement on the 100% Personal Loan Guarantee Scheme and a guideline on the Green and Sustainable Finance Grant Scheme (GSF Grant Scheme) as announced in the 2021-22 Budget.