EBA COREP and FINREP Harmonization for Europe Andreas Weller, Head of IT EBA.

EBA COREP and FINREPHarmonization for Europe

Andreas Weller, Head of IT EBA

Lux, EC and electronic exchange format

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The Office for Official Publications started the production of SGML instances for the documents published in the different OJ series in 1985. The specifications are known as Formex (Formalised exchange of electronic documents). The version 3 entered into force on the 1st of April 1999. The version 4 entered into force 2004.

Lux, EC and electronic exchange format

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SGML and SGML based grammars have not had the success as expected. - the development of suitable and comfortable tools is very hard.

As a result: XML was invented which is much stricter and therefore made it easier for the development of tools.

Formex 4 = XML + XML Schema + Unicode

Formex and COREP, FINREP

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- All our publications gets published in Formex- Similar lifecycle in our history

COREP and FINREP

Visionary people for Europe and XBRL early 2000

First versions in 2004

First versions used by NSA in 2005/2006

02 December 2013 FINREP/COREP V2.0

V 2.0 come into force 1. Jan 2014 on 1st to 2nd level

V 2.0 come into force for 1st level for several nations (NSA)

Formex = COREP/FINREP

10 years experience with the format.

PRESENTATION TITLE 5

COREP and FINREP not a publication format


COREP/FINREP versus Formex

XBRL versus XML

After 10 years Formex has reduced from 1200 tags to 260 tags

After 10 years FINREP/COREP has been enhanced from 500 data points to 30000 data points

The technology has make progress in 20 years

For a secure data exchange with a usable and reusable electronic data format we need more.

And we need quality data


10 years Formex and FINREP/COREP


FORMEX

• 10 last years in FORMEX where characterised by adjustments and fine tuning of the format

• After 8 years you have had a stability and a finality

• Adoption of minimal technical and business adjustments

FINREP/COREP

• EBA expect a similar process in terms of technical adjustments

• The financial market and the reporting needs are volatile

• The reporting needs have to be adopted minimum on a yearly base for the next years

• A stability on business needs fro CRDIV and ITS should be in 2-3 years

• The creation of a flexible reporting platform from the filler is highly recommended

Taxonomy COREP and FINREP


Although primarily developed for use in data transmission between competent authorities and the EBA, many authorities are known to intend to use the proposed XBRL taxonomy for the collection of supervisory reporting from the credit institutions and investment firms they supervise.

The conception phase is over


The phase of the load will start.

We expect to receive now:

- Harmonized EEA Data

- Quality EEA Data

- Consistent EEA Data

EBA is committed to XBRL, future releases will respect the aaproach which is set in release V 2.0

The LOAD phase is starting

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Some quotes from the market


Regulations cost us so much we have no budget to implement our core business functions.

Our systems are distributed over several platforms and we are not able to deliver the requested data without significant manual effort.

Some quotes from the market


There is no standard format available which allow the validation of data in an electronic exchange format.

Without regulations we would make never progress on the standardisation, even when everybody has the best intention.

To move forward and be on the save side for the load


a) Have a clear and accurate interpretation of European Banking Authority (EBA) data definitions in the ITS.

b) Understand technical points and complexities of Data Point Model versus individual reporting.

c) Addressing data management issues by designing business processes to handle increases in data volume and complexity.

d) Creating robust validation rules to deliver the requested data quality.

e) Enable vendor management to produce final outputs from source IT systems in XBRL.

f) Understand IT infrastructure limitations to handle future changes to EBA .

Summary


• The ITS which come into force on the 1 Jan 2014

• A DPM is part of the ITS and give clear explications of the requested data

• COREP and FINREP is published which describe the ITS on a level of the technical exchange format for NSA’s to EBA

• The taxonomies COREP and FINREP V 2.0 are deployed with some standard of the art features• Validations• Table Linkbase• Rendering Linkbase• Multidimensional taxonomies• Performance optimisation


Schei Chreschtdeeg!Joyeux Noël!Frohe Weihnachten!Merry Christmas!

EUROPEAN BANKING AUTHORITY

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E-mail: [email protected]://www.eba.europa.eu

EBA COREP and FINREP Harmonization for Europe Andreas Weller, Head of IT EBA.

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