Has reporting of European banking data been deferred?
There seems to be some confusion over whether COREP been deferred or not, according to software specialist Whistlebrook.
COREP refers to Common Reporting to the European Banking Authority (EBA) as part of the Capital Requirements Directive. This will establish a central hub for European banking data, which aims to improve risk identification and management for cross-border institutions.
Recent statements issued by the EBA and the Financial Services Authority on the subject show confusion over the proposed dates for COREP’s introduction.
On 31 July 2012 the EBA provided an update which clearly states that FINREP compliance and reporting is postponed until 1 January 2014. FINREP is a standardised EU-wide framework for reporting financial (accounting) data.
However, the EBA statement does not mention a date for COREP reporting other than the original requirement of 1 January 2013.
Shortly afterwards the FSA updated its FINREP webpage to reflect the date above but its COREP webpage states that reporting will not start until 1 July 2013.
However, the FSA statement issued on 1 August 2012 ends with the wording: “In line with the press release issued by EBA, the FSA will take account of any phase-in plans incorporated into the implementing technical standards on supervisory reporting.”
Therefore, if the EBA decides that reporting needs to commence prior to 1 July 2013 then the FSA will fall in line.
Given this information, and the amount of effort required to achieve COREP compliance, plus the fact that the start of the year is a busy time for finance and reporting departments, Whistlebrook suggests that financial services firms should not delay their preparations for COREP reporting.
Whistlebrook’s regulatory reporting solution, WIRES (Whistlebrook Integrated Regulatory Submission), allows clients to submit FSA and Bank of England forms and includes the latest version of the COREP templates.