ESCB

Luis de Guindos: Presentation of the ECB Annual Report 2023 to the Committee on Economic and Monetary Affairs of the European Parliament

Retrieved on: 
Thursday, April 18, 2024
Reproduction, Capital Markets Union, Attention, Growth, Face, Weakness, European Parliament, ECB, Committee, ESCB, Frankfurt, Policy, CRE, Communication, Insurance, CMU, Parliament, DFR, Economy, Suggestion, Annual report, European Central Bank

Stock market development and familiarity (language and distance) are considered key determinants for home bias.

Key Points: 
  • Stock market development and familiarity (language and distance) are considered key determinants for home bias.
  • The literature neglects however that investors often invest in foreign funds domiciled in financial centers.

Feedback on the input provided by the European Parliament as part of its resolution on the ECB’s Annual Report 2022

Retrieved on: 
Thursday, April 18, 2024
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Beyond managing related risks, the financial sector can also contribute to the transition toward a net-zero economy.

Key Points: 
  • Beyond managing related risks, the financial sector can also contribute to the transition toward a net-zero economy.
  • Our work aims to enhance data transparency in climate change analysis, while informing monetary policy, financial stability and banking supervision.
  • The indicators we have developed focus on the euro area financial sector and are built from harmonised granular datasets.

Complementary cost-benefit assessment of the Integrated Reporting Framework - Additional analytical value and operational aspects

Retrieved on: 
Friday, April 5, 2024
Pillar, Reproduction, NACE, European Banking Authority, Exercise, A3, Integration, Frankfurt, OJ, Climate, Carbon, Statistics, Chart, Council, European, Prudential, BIRD, Legislation, Annex, PDF, ITS, ECB, Risk, ESCB, CRR, Scenario, A5, A10, Section 4, IRB, A4, EBA, Content, CRM, Climate change, A9, Section 3, A6, A1, Classification, CBA, Publication, Feedback, Section 2, European Central Bank, Element, NCBS, INSPIRE, Central bank, European Parliament, WDS, Section 1, Record, Instrument, Data collection, Analysis, Capital Requirements Regulation 2013, Data, AnaCredit, Collection, Risk management
Key Points: 

    Complementary cost-benefit assessment on the Integrated Reporting Framework - Closer alignment with FINREP solo

    Retrieved on: 
    Friday, April 5, 2024
    Reproduction, The, European Banking Authority, Level, Exercise, Integration, Frankfurt, OJ, Sale, Council, Prudential, BIRD, PDF, ITS, ECB, Chapter Three, International, ESCB, CRR, Feasibility study, Data collection, A5, Collection, Financial instrument, Person, A4, EBA, Content, Part, Classification, Chapter Four, Commission, CBA, Publication, Chapter Five, Chapter Six, Fair value, European Central Bank, NCBS, Central bank, Chapter Two, European Parliament, Analysis, Capital Requirements Regulation 2013, Data, BAD, AnaCredit, Risk management

    Complementary cost-benefit assessment on the Integrated Reporting Framework ?

    Key Points: 
      • Complementary cost-benefit assessment on the Integrated Reporting Framework ?
        Executive summary

        2

        towards closer alignment of the two frameworks, rather than implementing all
        changes at once.

      • Complementary cost-benefit assessment on the Integrated Reporting Framework ?
        Executive summary

        3

        1

        Introduction
        The complementary IReF cost-benefit assessment (CBA) followed an earlier
        consultation on an initial CBA that was launched in 2020.

      • The report summarises the feedback received from the banking industry on the
        possible closer alignment of the IReF with FINREP solo.
      • Complementary cost-benefit assessment on the Integrated Reporting Framework ?
        Introduction

        4

        2

        General question on closer alignment
        with FINREP solo
        Closer alignment between the IReF and FINREP solo could allow more substantial
        use of the IReF dataset for supervisory purposes, with the potential benefit of
        reducing ad hoc requests to reporting agents due to a more analytical and stable
        dataset.

      • The ECB legal framework for collecting FINREP solo information (Regulation (EU)
        2015/34)4 currently sets up four different levels of reporting for proportionality
        measures:
        ?

        FINREP data points;

        ?

        over-simplified FINREP;

        ?

        simplified FINREP;

        ?

        full FINREP.

      • Closer alignment does not mean that data
        under the IReF will be collected from reporting agents at the level of the legal entity
        in its entirety.
      • Complementary cost-benefit assessment on the Integrated Reporting Framework ? General
        question on closer alignment with FINREP solo

        5

        Chart 2.1
        General assessment on closer alignment between the IReF and FINREP solo

        Notes: The percentages are calculated for each driver as the simple average of the corresponding frequencies across euro area
        countries.

      • See Annex B of the report ?Complementary cost-benefit assessment of the Integrated Reporting Framework ? Extension of
        the IReF Regulation to cover country-specific requirements? published on the ECB?s website for information on how national results
        are calculated.
      • Members also raised the point that IReF
        information required for closer alignment with FINREP solo would only be collected
        from institutions that are currently subject to FINREP solo reporting.
      • The open text comments that were received in the complementary CBA show that
        different approaches to reporting at the level of the reporting agent may result in
        different expectations regarding closer alignment.
      • There
        were also several comments regarding the frequency and timeliness of the reporting
        of attributes needed for closer alignment with FINREP.
      • Many comments questioned which accounting standards will underpin IReF
        reporting, as those applicable to statistical reporting are often different from those
        relating to FINREP solo reporting.
      • Complementary cost-benefit assessment on the Integrated Reporting Framework ? General
        question on closer alignment with FINREP solo

        7

        3

        Extensions related to concepts already
        available in the IReF baseline scenario
        The IReF baseline scenario includes several accounting concepts that only apply to
        specific financial instruments.

      • See
        Annex B of the report ?Complementary cost-benefit assessment of the Integrated Reporting Framework ? Extension of the IReF
        Regulation to cover country-specific requirements? published on the ECB?s website for information on how national results are
        calculated.
      • See
        Annex B of the report ?Complementary cost-benefit assessment of the Integrated Reporting Framework ? Extension of the IReF
        Regulation to cover country-specific requirements? published on the ECB?s website for information on how national results are
        calculated.
      • See
        Annex B of the report ?Complementary cost-benefit assessment of the Integrated Reporting Framework ? Extension of the IReF
        Regulation to cover country-specific requirements? published on the ECB?s website for information on how national results are
        calculated.
      • See
        Annex B of the report ?Complementary cost-benefit assessment of the Integrated Reporting Framework ? Extension of the IReF
        Regulation to cover country-specific requirements? published on the ECB?s website for information on how national results are
        calculated.
      • See
        Annex B of the report ?Complementary cost-benefit assessment of the Integrated Reporting Framework ? Extension of the IReF
        Regulation to cover country-specific requirements? published on the ECB?s website for information on how national results are
        calculated.
      • See
        Annex B of the report ?Complementary cost-benefit assessment of the Integrated Reporting Framework ? Extension of the IReF
        Regulation to cover country-specific requirements? published on the ECB?s website for information on how national results are
        calculated.
      • See
        Annex B of the report ?Complementary cost-benefit assessment of the Integrated Reporting Framework ? Extension of the IReF
        Regulation to cover country-specific requirements? published on the ECB?s website for information on how national results are
        calculated.
      • See
        Annex B of the report ?Complementary cost-benefit assessment of the Integrated Reporting Framework ? Extension of the IReF
        Regulation to cover country-specific requirements? published on the ECB?s website for information on how national results are
        calculated.
      • Complementary cost-benefit assessment on the Integrated Reporting Framework ? Annex A
        Results by type and size of respondent

        57

        ? European Central Bank, 2024
        Postal address
        Telephone
        Website

        60640 Frankfurt am Main, Germany
        +49 69 1344 0
        www.ecb.europa.eu

        All rights reserved.

    The Eurosystem Integrated Reporting Framework ‒ an overview

    Retrieved on: 
    Friday, April 5, 2024
    Reproduction, MIR, Finance, Regulation (European Union), Integration, SHS, Frankfurt, Single Resolution Board, OJ, BIS, Statistics, Council, EBF, Prudential, BSI, Section, SRB, Concert, ECB, ESCB, Committee, CRR, Policy, Background, Feasibility study, Dictionary, International Monetary Fund, Confidentiality, Language, Data management, EBA, Congressional pension, Credit, CBA, Metadata, European Central Bank, NCBS, European Banking Federation, Central bank, European Parliament, Bank, Section 1, IMF, Data collection, Analysis, Aggregation, Capital Requirements Regulation 2013, Growth, Data, Collection, AnaCredit, Cryptocurrency

    The Eurosystem Integrated

    Key Points: 
      • The Eurosystem Integrated
        Reporting Framework ? an overview
        1

        Background
        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 banks

        Banks

        NCBs

        ECB

        Transformations by banks

        Transformations by NCBs
        Country A

        BSI & MIR

        Integrated approach
        ?

        SHS

        Country B

        Operational
        systems

        Monetary data

        b.o.p., i.i.p &
        sector accounts

        Credit register
        Sector accounts

        AnaCredit
        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.

    Philip R. Lane: The economic outlook and monetary policy

    Retrieved on: 
    Wednesday, April 3, 2024
    Consensus, Momentum, Tax, MIR, BLS, Consensus Economics, Wealth, Domestic, IHS Markit, Next Generation, BIS, Transport, DFR, European Commission, Labour, Bank of Greece, BSI, Employment, S&P Global, Governance, Loan, ECB, House, Workforce, ESCB, Policy, Aes, NGEU, Imperial College Business School, Refinitiv, Manufacturing, Cargo, GDP, Index, Household, RHS, Real, Coronavirus, PMI, Disinflation, Confidence, Bank of France, SMA, Food, Competition (economics), Credit, Perception, CES, Economics, Persistent, Personal ordinariate, Disposable product, Bank for International Settlements, Government, SVAR, Growth, Energy, Common, Consensus decision-making, Bank, Rest, ILS, Bloomberg, HICP, IBoxx, Housing, Deutsche Bundesbank, Composite, Unit, Total, Phosphorus
    Key Points: 

    Philip R. Lane: Euro area international financial flows: analytical insights and measurement challenges

    Retrieved on: 
    Tuesday, February 13, 2024
    Brookings Institution, Quarterly Journal of Economics, Journal of Financial Economics, SSRN, Climate change, Map, IMF Economic Review, Nation, Federal Reserve, Statistics, Adjustment, International economics, BEA, Financial economics, Cambridge University Press, Swings, ESS, Bank, Asian Economic Papers, Buildup, ECI, Data, Director of National Parks, WP, Journal, Spes, Banco de Portugal, International Monetary Fund, Foreign direct investment, Communication, Fiscal, Environment, BIS, ESCB, Sector, BRICS, G-20, Capital, External, Frankfurt, Carbon, Insurance, Central bank, European Central Bank, Quarterly Journal, Speech, Appetite, Research, Reproduction, Exchange, Outline, MNE, Aftermath, Answer, Data management, Geography, FDI, Sound, Banco, COVID-19, Policy, Creditor, Role, ECB, Security (finance)

    We document how gas price fluctuations have a heterogeneous pass-through to euro area prices depending on the underlying shock driving them.

    Key Points: 
    • We document how gas price fluctuations have a heterogeneous pass-through to euro area prices depending on the underlying shock driving them.
    • Supply shocks, moreover, are found to pass through to all components of euro area inflation – producer prices, wages and core inflation, which has implications for monetary policy.

    Letter from the ECB President to Ms Clara Ponsatí Obiols, MEP, on Eurosystem institutional issues

    Retrieved on: 
    Sunday, January 28, 2024
    The Honourable, Letter, European Central Bank, European Parliament, Committee, Economy, European, ECB, ESCB

    As highlighted in my previous letters, independence is essential to the proper functioning of the European

    Key Points: 
    • As highlighted in my previous letters, independence is essential to the proper functioning of the European
      System of Central Banks (ESCB).
    • The ECB considers matters relating to this principle to be of the utmost
      importance.
    • I recall that, in the case at issue, no complaint nor allegation of removal from office or forced
      resignation has been communicated to the ECB by any of the parties involved.
    • Yours sincerely,
      [signed]
      Christine Lagarde

      Address
      European Central Bank
      Sonnemannstrasse 20
      60314 Frankfurt am Main
      Germany

      Postal address
      European Central Bank
      60640 Frankfurt am Main
      Germany

      Tel: +49-69-1344-0
      Fax: +49-69-1344-7305
      Website: www.ecb.europa.eu

    Narrowing the climate data gap – climate change-related indicators

    Retrieved on: 
    Friday, August 11, 2023
    Carbon, Devaluation, CSDB, International Capital Market Association, Uncertainty, European Systemic Risk Board, OJ, Network, European Parliament, Face, Financial system, European, Wildfire, State Statistics Committee, South Korean International Monetary Fund Agreement, 1997, Policy, Tax, Taxonomy, NEAR, Government Council for Foreign Affairs and Defence, Temperature, Finance, Language, Government, Landslide, ESCB, AnaCredit, European System of Central Banks, Climate change, Flood, Data, Time, Risk, ECB, Water, Council, Weather, SHSS, Public sector banks in India, Greenhouse, Security printing, Cryptocurrency, Renewable energy, Security (finance), Bookkeeping, EU
    Key Points: