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The European Banking Authority Wolfgang Strohbach.

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Presentation on theme: "The European Banking Authority Wolfgang Strohbach."— Presentation transcript:

1 The European Banking Authority Wolfgang Strohbach

2 222 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

3 33 ESRB ESFS EIOPA EBA ESMA Joint Committee EU central banks EU supervisors Macro prudential Micro prudential European System of Financial Supervision

4 4 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

5 555 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

6 66 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 cross- border 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

7 77 Common rulebook Maximum harmonisation...but proportionate to different financial institutions EU Commission Sectoral Directives CEBS/EBA role provide advice EBA ‘Implementing legislation’ EBA issuing guidelines and recommendations (as before) Developing draft binding technical standards 7 EBA regulatory tasks

8 8 Guidelines on Common Reporting (COREP) Scope: Solo and consolidated prudential information collected by national supervisors and based on EU Basel II implementation (CRD – 2006/48/EC and 2006/49/EC) Objective: develop a common language for communication in the context of a common European framework (convergence) First released: January 2006 CRD II amendments – Jan 2010 Structure: –core information (homogen) –standardised supplemental information (flexible) –extentable Implementation in EU: –27 countries –2/3 of content

9 9 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

10 10 EBA oversight tasks Risk assessment Enhancing regular and ad hoc thematic risk assessments Colleges Enhancing and supporting effective Functioning of colleges Crisis management Building capacity to handle emergency situations Risk dashboard Building a system of key risk indicators (in cooperation with ESRB) Stress testing Building common methodologies and conducting EU-wide stress tests (in cooperation with ESRB)

11 11 EBA data collection Reporting application Standard reports Portal Data reception, first level checks, feedback Business card UPLOAD COREP & FINREP XBRL, XML, CSV files UPLOAD COREP & FINREP XBRL, XML, CSV files Validation Referential Data Business card Referential Data Business card EBA NSA DOWNLOAD Business Feedback & Reminders DOWNLOAD Business Feedback & Reminders Feedback COREP & FINREP XBRL COREP & FINREP XBRL Administration Reporting review

12 12 Reporting requirements – problem identification Findings from problem identification in Europe 1.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 2.Reporting differences: Differences in the reporting templates (use of core and details information), frequencies and remittance dates  Technical standards on reporting, EBA Reporting networks 3.IT differences: differences in the use of data standards for electronic filing as well as in submission requirements  IT standards, EBA XBRL network

13 13 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.”

14 14 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

15 15 Reporting before… and after… Supervisor 1 Supervisor 3 Supervisor 2 Different templates and definitions Common templates and definitions Several formatsSingle format Different technologiesIT standards Supervisor 1 Supervisor 2 Supervisor 3 Group A Group B Group C Group A, B, C Common framework Technical Standards on Reporting

16 16 Timeline for the development of technical standards on Reporting that will be applicable starting 31/12/2012 Technical Standards on Reporting Development of draft BTS by EBA H1 2011 Analysis of commonality and user test 2008/2009 Streamlining of FINREP and COREP 2009/2010 Consultation of streamlined FINREP/COREP: Q3 2009/ Q3 2010 Implementation 2012 Application from 31/12/2012 Endorsement of BTS by EBA and adoption by EU Commission 12/2011 – 03/2012 Consultation of BTS by EBA: Q3 2010

17 Wolfgang Strohbach

18 18 Eurofiling – Way forward Timelines up to the end of 2011

19 19 Working targets for this year 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?

20 20 Working targets for this year 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

21 21 Current topics 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

22 22 General topics 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

23 23 Ignacio Boixo +34 618526434 Katrin Schmehl +49 69 9566 6584

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