The European Central Bank (ECB) and the European Banking Authority (EBA) have said they are working together to make data reporting by the banking industry more efficient.
As part of the collaboration, the two institutions have established the Joint Bank Reporting Committee (JBRC), which is tasked with helping to develop common definitions and standards for data that banks are required to report. This includes all data for statistical, supervisory and resolution purposes
A key focus of the committee will be on improving efficiency and reducing associated costs, the bodies said.
Speaking on the partnerrhsip, ECB Executive Board member Isabel Schnabel emphasised the importance of having a structure in place to simplify data reporting by the banking industry in an integrated, efficient and standardised system. EBA Chairperson José Manuel Campa added that a “harmonised, proportionate and fit-for-purpose reporting system” was a priority for the EBA.
The ECB, the EBA, the European Commission and the SRB will all be part of the JBRC while the banking industry will participate through a consultative body, the Reporting Contact Group. One key tangible deliverable of the JBRC will be a common data dictionary for the reporting of statistical, supervisory and resolution data by banks.
“This initiative is an important part of the European Commission’s supervisory data strategy and will streamline and modernise reporting for EU banks.” said Mairead McGuinness, European Commissioner for Financial Stability, Financial Services and the Capital Markets Union.
“Supervisory authorities and the financial sector need to work together to deliver a reporting system that gives supervisors the data that they need while increasing efficiency and minimising the burden for reporting entities,” she added.
