The Eurosystem Integrated Reporting Framework ‒ an overview
The Eurosystem Integrated
- The Eurosystem Integrated
Reporting Framework ? an overview
1Background
European Union (EU) banks face a whole range of data reporting obligations,
including for statistical, resolution and prudential information. - Existing ECB statistical regulations specify the information that must be reported, but
not how the actual reporting process is to be carried out. - The Eurosystem Integrated Reporting Framework ? an overview
1
submitted by reporting agents to NCBs.
- This arrangement dates back to when the ECB was set up in 1998 and was justified
at the time, as it meant that statistical reporting could be founded on well-established
national reporting frameworks. - Figure 1
Current Eurosystem approach to collecting statistical information from banksBanks
NCBs
ECB
Transformations by banks
Transformations by NCBs
Country ABSI & MIR
Integrated approach
?SHS
Country B
Operational
systemsMonetary data
b.o.p., i.i.p &
sector accountsCredit register
Sector accountsAnaCredit
b.o.p. - Under the new paradigm, cross-border banks could unify the
technical specifications of their reporting for all their European entities. - 2
The scope of the IReF
The IReF seeks to integrate existing ESCB statistical data requirements for banks as
far as possible into a single, standardised reporting framework applicable across the
euro area. - The feasibility of aligning the IReF
more closely with the Financial Reporting (FINREP) requirements applicable at solo
level11 is also being assessed. - Some NCBs have
developed an integrated reporting framework for investment funds (covering both
MMFs and non-MMFs). - The Eurosystem reviewed the results of the CBA to identify optimal features for
banks, the Eurosystem and its users. - This time frame will give reporting agents and the Eurosystem enough lead time to
prepare the legal and technical framework without unduly delaying the expected
reduction in the reporting burden. - 16
See ?On a Feasibility Study of an Integrated Reporting System under Article 430c CRR?, EBA, 2021;
and ?The EBA?s feasibility study on integrated reporting system provides a long-term vision for
increasing efficiencies and reducing reporting costs?, EBA, December 2021. - The Eurosystem is already cooperating closely with the banking industry to optimise
reporting and reduce the overall reporting burden via the Banks? Integrated Reporting
Dictionary (BIRD).19 BIRD offers a redundancy-free source (i.e. - The IReF describes statistical requirements in a redundancy-free layer
and will represent future statistical reporting obligations issued by the ECB and
applicable to Eurosystem banks. - Data quality should increase and costs decrease, as the BIRD input layer would
provide a comprehensive and flexible tool to support data reporting.