ECB Proposes Integrated Reporting Framework to Reduce Burden for Banks
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.
Related Links
Keywords: Europe, EU, Banking, ESCB, CRR2, Reporting, Reporting Burden, SSM, Integrated Reporting System, Basel, Statistical Reporting, Resolution Framework, EBA, ECB
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.

Patrycja Oleksza
Applies proficiency and knowledge to regulatory capital and reporting analysis and coordinates business and product strategies in the banking technology area
Related Articles
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.
ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite
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.