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In a letter to the Committee of European Banking Supervisors the EBF outlined its recommendations for common reporting, noting that the framework implies a serious impediment for cross-border banking business and undermines the objective of EU market integration. “Many banks risk breaching the rules as there was simply not enough time to make the major IT adjustments required by CEBS’ framework”, EBF states.
EBF therefore proposes a two-step approach.
In the short term, we would ask supervisors to approach the CoRep requirements with a good deal of flexibility. In particular, we would welcome that your personal suggestion for host supervisors to accept bank subsidiaries’ reporting on the basis of the templates, the processes and the rules required by the group’s consolidating supervisor be endorsed by other authorities, as well.
In the medium term, we reiterate our long-standing position that a uniform reporting framework for all EU and EFTA supervisors is needed, which should be submitted once to the consolidating supervisor who will then ensure circulation among the institution’s host supervisors.