1COREP & FINREP XBRL projects update V European Banking Supervisors XBRL WorkshopCOREP & FINREP XBRL projects updateIgnacio BoixoCOREP XBRL Project CoordinatorXBRL Spain. ManagerBank of Spain. Int’l IT Projects Mngr.Madrid,
2AgendaCEBS public statement about XBRLXBRL implementation modelProject timeframesCOREP & FINREP todayNext Steps
3CEBS public statement about XBRL National supervisory authorities are free to decide on the technical aspects involved in implementing the framework. CEBS considers, however, that XBRL can be a helpful tool in constructing a standardised European reporting system. CEBS will develop an XBRL taxonomy, which will be made available without cost to national authorities and supervised credit institutions.CEBS December 2005.FRAMEWORK FOR CONSOLIDATED FINANCIAL REPORTING
49X,XX% best practices + EU requirements Flexibility PrincipleBasel II, IAS/IFRS …Global best practicesEuropean Law9X,XX% best practices + EU requirementsEC 1606/2002, 12/2000, 6/93…Transposition intonational LegislationCountry 1Country 2Country 3Country 25National RegulationFSA 1FSA 2FSA 3FSA 25National ImplementationReport 1Report 2Report 3Report 25XBRL challenge!
8COREP concept: Data Matrix All the dimensions are optional!EXPOSURE TYPESEXPOSURE CLASSESSTANDARD APPROACHCAPITAL REQUIREMENTS
9Customisation of Labels: I English labelsGerman labelsmeaningful names of the items to be reportedare used in reports to hide the technical name
10CEBS XBRL: IT implementation model Didactic model for explanatory purposes onlyBankSupervisorTaxonomy XBRLErrorsINDUSTRYInternetSupervisionReportsOther data…Bank Managementto XBRLfromXBRLOperationsCounterpartiesCollateral…ReportXBRL
11CEBS XBRL EU: implementation model Didactic model for explanatory purposes onlyBasel IIIAS/IFRSBasel IIIAS/IFRSXBRL National implementationXBRL (National)XBRL (Europe)BankSupervisorInternetBank operations, controls….Presentation, Analysis…ErrorsErrorsBank ManagementOperationsCounterpartiesCollateral…IS SupervisoryReportsOther data…Basel IIIAS/IFRSApp.Basel IIIAS/IFRSApp.to XBRLfrom XBRLReportReportXBRL coreFile Transfer (National)
12COREP implementation: Banks XBRL ReportsMultiple implementation approaches:Small banks may use Application Service Provider -ASP- model, outsourcing technical complexityBanks may report all to all the Supervisors: Basel II & IFRS, Banking & Stock Exchange…International Banks may reduce supervisory burden when reporting to different countriesBank 1Bank 2Bank 3ASP providerBank nBasel IIBanking SupervisorIAS/IFRSInternational BankStock Ex. SupervisorCountry Z Supervisor
13Opportunity window 2002 2003 2004 2005 2006 2007 2008 Too late Operational:Basel IIIFRS/IAS•••Today!Too earlyEstablishing:CEBSXBRL EU•••
14COREP & FINREP prerequisites completed √ 16 Dec CEBS GUIDELINES ON FINANCIAL REPORTING CEBS has published guidelines establishing a standardised financial reporting framework (FINREP) for credit institutions operating in the EU.31 Dec Dimensions 1.0 (Candidate Recommendation) The Dimensions 1.0 Specification is a modular, optional extension to the XBRL 2.1 Specification which allows XBRL taxonomy authors to define and restrict dimensional information.13 Jan CEBS GUIDELINES ON COMMON REPORTING CEBS has published guidelines on a common reporting framework (COREP) to be used by credit institutions and investment firms when they report their solvency ratio to supervisory authorities under the Capital Requirements Directive.
15COREP steps Preliminary Workshop Kick off 1st Workshop 2nd Workshop Preliminary WorkshopKick off 1st Workshop2ndWorkshopBoston Conference3rd WorkshopTokyo Conference4thWorkshop5thWorkshopOrganizationProof of conceptPreliminary version 0.6.1ToolsProduction version 1.0Tuning
16FINREP steps Kick off 4th Workshop 5th Workshop 6th Workshop Kick off 4th Workshop5thWorkshop6thWorkshop06-09-XXInternal version 0.24Public version 0.24Production version 1.0Tuning
17Taxonomy & Documentation published COREP & FINREP TODAYCOREP:Taxonomy & Documentation publishedPublic & Quality review => Next Improvements?Starting International acknowledgmentFINREP:Project team working actively.Results in this Workshop.XBRL Tools:Updated to Dimensional Specification.Please ask for demos at the exhibition area.
18Pierre-Yves Thoraval, COREP past Chair, French Banking Commission Who is whoChairmanshipDanièle Nouy, CEBS Chair, Secretary General French Banking Commission José María Roldán, CEBS past Chair, Director General Bank of SpainPierre-Yves Thoraval, COREP past Chair, French Banking CommissionMarc Pickeur, EGFI reporting Chair, Belgium Banking CommissionKurt Ramin, XBRL Int’l Chair, International Accounting Standards CommitteeFederico Florez, XBRL Spain CEO, Bank of Spain CIOFINREPGiancarlo Pellizzari – Belgium CBFAPatrick Amis – French Banking CommissionJacobo Varela – Bank of SpainMark Creemers - National Bank of Belgium
19Katrin Schmehl – Bundesbank COREP project teamFull time developersKatrin Schmehl – BundesbankDaniel Hamm – BundesbankPanagiotis Voulgaris – Bank of GreeceMagdalena Llano – XBRL SpainSupportIgnacio Boixo – Bank of Spain Project CoordinationMichele Romanelli – Bank of Italy Data ModelingFernando Wagener - Bank of Spain Data Input & MappingWalter Hamscher – PwC & XBRL Strategic ConsultantFernando Navarrete - Bank of Spain Business RelationshipOlivier Servais – XBRL in Europe Workshops & disseminationIgnacio Hernández-Ros – XBRL Int’l Dimensions & ImplementationAnd many many more….
20Conference Call every Thursday. Collaborative ToolsConference Call every Thursday.Time: 16:00 CET, 15:00 London, 10:00 Boston, 07:00 SeattlePhone number: Conference ID:
22COREP Intellectual Property Supporting the royalty free use of XBRL on COREP & FINREP, an Intellectual Property Strategy has been implemented:Pre-emptive measure in the IT world.Trademark: CEBS Secretariat Ltd. has applied for the names “COREP” & “FINREP”Copyright: The COREP & FINREP XBRL Project version 1.0 deliverables will be protected by copyright, owned by the CEBS Secretariat Ltd.
23ChallengeThe real challenge is not the development of the taxonomy; a group of enthusiastic people is ready to carry out this job, as it has been demonstrated.The real challenge is the real XBRL implementationThe XBRL coordination among Supervisors is the critical success factor.
24Pieter Bruegel The Tower of Babel. 1563 Thanks - Obrigado - Merci - Gracias Danke - Grazie - Ευχαριστίες - СпасибоPieter BruegelThe Tower of Babel. 1563