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State of play on adoption and implementation of XBRL taxonomies ECB-PUBLIC DRAFT Juan Alberto Sánchez Senior Economist-Statistician Statistical Information.

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Presentation on theme: "State of play on adoption and implementation of XBRL taxonomies ECB-PUBLIC DRAFT Juan Alberto Sánchez Senior Economist-Statistician Statistical Information."— Presentation transcript:

1 State of play on adoption and implementation of XBRL taxonomies ECB-PUBLIC DRAFT Juan Alberto Sánchez Senior Economist-Statistician Statistical Information Services

2 Rubric © Overview 2 1 2Reporting by insurance undertakings – Facilitating the use of XBRL SSM Supervisory Reporting – Adoption of XBRL NOTE: This presentation should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the author and do not necessarily reflect those of the ECB ECB-PUBLIC

3 Rubric © EBA ITS incorporates a Data Point Model (DPM) for formal definitions –Mandatory for primary reporting:Institutions to NCAs –Mandatory for secondary reporting: NCAs to EBA EBA has designed an XBRL Taxonomy for exchange of data –Not Mandatory for primary reporting: NCA could collect data using other exchange formats –Mandatory for secondary reporting 3 SSM Supervisory reporting – Adoption of XBRL (1/3) ECB-PUBLIC

4 Rubric © ECB is building a new system for the collection, processing and dissemination of supervisory banking data – SUBA –The collection of data will start in summer 2014 –Earlier data collection (if possible)  Be able to test the system  Ensure the right preparation. SUBA will use EBA DPM as internal data dictionary –Further harmonisation in collecting and processing supervisory data –For the ECB, it is difficult to harmonise statistical and supervisory data  Challenge!! EBA-ECB coordination of future developments of the DPM regarding the definition of new supervisory data requirements 4 SSM Supervisory reporting – Adoption of XBRL (2/3) ECB-PUBLIC

5 Rubric © ECB will use the same EBA-XBRL taxonomy to collect data for the SSM –Avoid increasing the reporting burden –Allow all NCAs, whether SSM or not, to report in the same format Sequential approach –SSM-NCAs send data to the ECB and ECB to EBA. –Avoid double reporting (EBA and ECB) –Same deadlines for non-SSM  EBA as for SSM  ECB  EBA Level playing field 5 SSM Supervisory reporting – Adoption of XBRL (3/3) ECB-PUBLIC

6 Rubric © EIOPA has designed an XBRL Taxonomy that covers supervisory reporting by insurance undertakings ECB intends to collect euro area statistics on insurance corporations –Some additional reporting requirements for insurance undertakings –The ECB will collect the data through NCBs which collaborate with NCAs Insurance representatives expressed a clear preference for reporting following a single reporting framework –Integration of the ECB requirements into EIOPA’s XBRL taxonomy Reporting by insurance undertakings – Facilitating the use of XBRL 6 The ECB consequently pursued the coordination with EIOPA and NCBs so as to address the preference of insurance representatives Not increasing the reporting burden ECB-PUBLIC

7 Rubric ©WGSIM-SSM Exchange specification ? ? ? ? ? ? Questions ECB-PUBLIC


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