ECB and EBA collaborate to streamline banking data reporting
The European Central Bank (ECB) and the European Banking Authority (EBA) have recently teamed up to establish the Joint Bank Reporting Committee (JBRC). This initiative aims to enhance efficiency and reduce costs in the banking industry’s data reporting processes.
The JBRC will focus on harmonising the reporting of statistical, supervisory, and resolution data, with the goal of developing common definitions and standards. Statistical and prudential reporting will be integrated under the JBRC. One key goal is to prevent duplication and standardise the description of concepts – helping reduce the burden on banks
Existing statistical reporting will also be incorporated into an Integrated Reporting Framework (IreF), applicable across the Europe area. This will standardise data collection and transformation across borders, helping streamline processes – and likely will be based on xBRL-CSV to better handle large data volumes.
One early outcome of the JBRC’s work will be a common data dictionary for reporting, helping align data definitions across boarders and the banking industry, and improving comparability.
Efforts to simplify and standardise data reporting align with the European Commission’s supervisory data strategy, which emphasises the importance of high-quality data in fulfilling regulatory mandates.
Beyond the ECB and EBA, this collaborative effort includes the European Commission and Single Resolution Board, along with relevant national authorities and banking representation via a consultation group.
The establishment of the JBRC marks a step forward in modernising reporting practices in the banking sector – the harmonisation and integration involved will reduce the reporting burden on banks, allowing for more useful and comparable data to be collected.
For more information, visit the ECB’s website here.
