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The European Central Bank (ECB) and the European Banking Authority (EBA) aim to harmonise and integrate data reporting by the banking industry with the goal of improving efficiency and reducing the associated costs. To this end, the two institutions today established the Joint Bank Reporting Committee (JBRC), which is tasked with helping to develop common definitions and standards for the data that banks are required to report for statistical, supervisory and resolution purposes.
“High-quality data is essential to fulfilling our mandate”, said ECB Executive Board member Isabel Schnabel. “I am pleased that we will have a structure in place to simplify and facilitate data reporting by the banking industry in an integrated, efficient and standardised system.”
“A harmonised, proportionate and fit-for-purpose reporting system is a priority for the EBA,” said EBA Chairperson José Manuel Campa. “I am glad that today we are setting up this committee to ensure a smooth and sound governance underpinning an integrated and efficient reporting process to the benefit of all stakeholders.”
“This initiative is an important part of the European Commission’s supervisory data strategy and will streamline and modernise reporting for EU banks. Supervisory authorities and the financial sector need to work together to deliver a reporting system that gives supervisors the data that they need while increasing efficiency and minimising the burden for reporting entities. This contributes also to the Commission’s reporting rationalisation exercise,” said Mairead McGuinness, European Commissioner for Financial Stability, Financial Services and the Capital Markets Union.