2011-2013 Work plan

January 7, 2018 | Author: Anonymous | Category: Business, Finance, International Finance
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The European Banking Authority Wolfgang Strohbach

Outline From CEBS to EBA • Changes in the EU supervisory landscape • EBA tasks and responsibilities • EBA Reporting application Technical Standard on uniform reporting formats • Scope and content • Timeline and deliverables

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European System of Financial Supervision EU central banks

EU supervisors

Joint Committee ESRB

ESFS EIOPA EBA ESMA

Macro prudential

Micro prudential 3

European Systemic Risk Board • The European Systemic Risk Board (ESRB) is an independent EU body responsible for the macro-prudential oversight of the financial system within the Union. Its seat is in Frankfurt am Main. Its secretariat is ensured by the ECB. • The ESRB contributes to the prevention or mitigation of systemic risks to financial stability in the Union that arise from developments within the financial system. It takes into account macroeconomic developments, so as to avoid periods of widespread financial distress. EBA shall cooperate closely with the ESRB • EBA to provide necessary information • Follow up warnings and recommendations 4

European Banking Authority European Banking Authority established 1 January 2011 • Regulation (EU) No 1093/2010 of 24 November 2011 • the EBA assumes all of the tasks and competences of CEBS and additional tasks. • Seat in London • Accountable to the European Parliament and the Council • Review Clause (2014 and all 3 years) • Committee of European Banking Supervisors (CEBS) was established in Nov 2003, CEBS ltd. Dissolved in 2011

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The role of EBA – main objectives and tasks Main objectives: • Establishing EU single rule book • Promoting and enhancing quality and consistency of supervision • Reinforcing oversight of crossborder groups • Early warning of upcoming vulnerabilities • Effective early intervention and bank resolution

Main tasks: • Develop binding technical standards, guidelines, recommendations • Promoting common supervisory culture / supervisory practices • Peer group analyses and peer reviews • Monitoring effectiveness colleges • EU-wide risk assessments and stress tests • Risk dashboards • Reacting on risk warnings • Handling of emergency situations 6

EBA regulatory tasks Common rulebook Maximum harmonisation ...but proportionate to different financial institutions

EU Commission Sectoral Directives

EBA ‘Implementing legislation’

CEBS/EBA role provide advice

EBA issuing guidelines and recommendations (as before) Developing draft binding technical standards 7

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Guidelines on Common Reporting (COREP) Scope:

First released:

Solo and consolidated prudential information collected by national supervisors and based on EU Basel II implementation (CRD – 2006/48/EC and 2006/49/EC)

January 2006

Objective: • develop a common language for communication in the context of a common European framework (convergence)

CRD II amendments – Jan 2010

Structure: – core information (homogen) – standardised supplemental information (flexible) – extentable

Implementation in EU: – 27 countries – 2/3 of content

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COREP rev3 – CRD III amendments • Amendments stemming from CRD III (resecuritisation, trading book) •

 Templates affected: • CA

• CR SEC SA, CR SEC IRB, SEC Details • MKR SA TDI, MKR SA EQU, MKR IM, MKR IM Details •

 Adding new templates • MKR SA SEC, MKR SA CTP

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EBA oversight tasks Risk assessment Enhancing regular and ad hoc thematic risk assessments Stress testing Building common methodologies and conducting EU-wide stress tests (in cooperation with ESRB)

Risk dashboard Building a system of key risk indicators (in cooperation with ESRB)

Colleges Enhancing and supporting effective Functioning of colleges

Crisis management Building capacity to handle emergency situations

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EBA data collection Referential Data Business card NSA

UPLOAD COREP & FINREP XBRL, XML, CSV files

DOWNLOAD Business Feedback & Reminders

Portal EBA

Administration

Data reception, first level checks, feedback COREP & FINREP XBRL

Reporting review Validation

Reporting application Business card

Standard reports

Feedback

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Reporting requirements – problem identification •

Findings from problem identification in Europe

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Legal differences: differences among national legislations (e.g. national discretions of CRD) and differences in accounting rules among Member States leading to diverging definitions  CRD IV, EU Parliament and Council, EU Commission

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Reporting differences: Differences in the reporting templates (use of core and details information), frequencies and remittance dates  Technical standards on reporting, EBA Reporting networks

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IT differences: differences in the use of data standards for electronic filing as well as in submission requirements  IT standards, EBA XBRL network

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Technical Standards on Reporting • CRD requirement (Omnibus Directive, Dec 2010)

Article 74 of Directive 2006/48/EC (new) “In order to ensure uniform conditions of application of this Directive, for the communication of those calculations by credit institutions, the competent authorities shall apply, from 31 December 2012, uniform formats, frequencies and dates of reporting. In order to ensure uniform conditions of application of this Directive, EBA shall develop draft implementing

technical standards to introduce, within the Union, uniform formats (with associated instructions), frequencies and dates of reporting before 1 January 2012.”

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Technical Standards on Reporting • Legal status: Implementing technical standards • Adoption by EU Commission via implementing acts in form of regulation or decision

• Direct application – no further implementing regulation on national level • Scope: COREP, FINREP, Large Exposures

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Technical Standards on Reporting • Reporting before… Group A

Group B

and after…

Supervisor 1

Supervisor 2

Group C

Supervisor 3

Different templates and definitions Several formats Different technologies

Supervisor 1

Group A, B, C Common framework

Supervisor 2

Supervisor 3

Common templates and definitions Single format IT standards 15

Technical Standards on Reporting • Timeline for the development of technical standards on Reporting that will be applicable starting 31/12/2012

Analysis of commonality and user test 2008/2009

Consultation of streamlined FINREP/COREP:

Consultation of BTS by EBA:

Implementation 2012

Q3 2010

Q3 2009/ Q3 2010

Streamlining of FINREP and COREP 2009/2010

Development of draft BTS by EBA H1 2011

Endorsement of BTS by EBA and adoption by EU Commission 12/2011 – 03/2012

Application from 31/12/2012

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Wolfgang Strohbach [email protected]

Eurofiling – Way forward

Timelines up to the end of 2011

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COREP • Creation of the COREP taxonomy version 1.4.0 based on CRD III for the reporting starting end 2011 • Review of the Data Point Matrix Schema based on harmonised tables • Revise the Data Point Matrix Schema for the changes on CRD IV on basis of the streamlined tables • Creation and publication of the taxonomies including the formula linkbases in the end of 2011 • How to deal with proportionality? • How to define the table representation?

Working targets for this year 19

FINREP • Update of the FINREP Data Point Matrix Schema based on the changes in the streamlined tables • How to deal with core and detailed tables? • How to deal with proportionality? • How to deal with cross-template dimensional definitions?

• Creation and publication of the taxonomies in the end of 2011

Working targets for this year 20

• Definition of user-friendly error messages •

Different approaches are under discussion

• Preparation of a rendering proposal for the visualisation of multi-dimensional tables • Dealing with a budget in the new organisation • Alignment with EBA reporting requirements •

Data exchange between EBA and national central banks

Current topics 21

• Foster the creation of open-source tools • Link with other XBRL projects (national and international, i.e. IFRS) • Knowledge transfer by regular workshops, attendance at XBRL International Conferences • Provide proof of concept materials to entrepreneurs, developers, academy and so on… • Help to reduce the digital divide between countries in Europe and overseas • Providing “Best Practices” in European supervisory reporting •

Dealing with administrative data



Preparation of recommendations on how to handle delta reports or on how to deal with national extensions

General topics 22

www.eba.europa.eu www.eurofiling.info Ignacio Boixo +34 618526434 [email protected] Katrin Schmehl +49 69 9566 6584 [email protected]

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