The banking associations stress how critical it is to improve the efficiency of reporting in Europe. The banking industry has been calling for the creation of an integrated and standardized framework for data reporting...
European Banking Federation (EBF), the European Association of
Co-operative Banks (EACB), the European Association of Public Banks
(EAPB) and the European Savings and Retail Banking Group (ESBG),
representing the entirety of the European banking industry, have
individually submitted responses to the EBA consultation on the
feasibility of an integrated reporting system for regulatory reporting.
The banking associations stress how critical it is to improve the
efficiency of reporting in Europe. The banking industry has been calling
for the creation of an integrated and standardized framework for data
reporting in order to improve the quality of data while reducing the
reporting burden for the industry without reducing the information
content for authorities.
The banking associations welcome the work done by the EBA, in
coordination with all other relevant authorities, towards the assessment
of the feasibility of such integrated reporting system for collecting
statistical, resolution and prudential data. Banks in Europe are
strongly committed to working together and to working with all
authorities to turn this vision into reality ensuring the new system is
feasible for both authorities and industry. While dialogue takes place
towards identifying the most suitable way forward, we encourage the EBA
to continue giving proportionality the required relevance in the
An efficient solution needs to be built around the following principles:
- Define Once: using a single data dictionary with all the data definitions.
- Report Once: enhancing reusability and interoperability of the data.
- Share Information: amongst the authorities instead of asking several times for data that has been already provided.
- Enhanced Governance: including the advice of the industry as the main stakeholder in every new data request.
Furthermore, the banking industry calls authorities to target as
first concrete action the establishment of the Joint Committee, with
involvement of the industry, to begin steering the main aspects of the
integrated reporting system. A timely and proper functioning of the
Joint Committee is key to move the project forward and start assessing
all technical aspects with the development of a single EU data reporting
dictionary. This is the cornerstone of an integrated and standardized
EU framework, and therefore the top priority. Any further step should
also aim to provide a long-term timeline to facilitate the assessment of
the impact of the proposal.
The industry appreciates the complexity and long-term perspective of
such an ambitious project. At the same time, we believe it is time to
put all efforts to work towards a streamlined system.
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