Presentation on theme: "COREP & FINREP XBRL projects update Ignacio Boixo COREP XBRL Project Coordinator XBRL Spain. Manager Bank of Spain. Intl IT Projects Mngr. V European Banking."— Presentation transcript:
COREP & FINREP XBRL projects update Ignacio Boixo COREP XBRL Project Coordinator XBRL Spain. Manager Bank of Spain. Intl IT Projects Mngr. V European Banking Supervisors XBRL Workshop Madrid,
2 Agenda 1.CEBS public statement about XBRL 2.XBRL implementation model 3.Project timeframes 4.COREP & FINREP today 5.Next Steps
3 CEBS public statement about XBRL 8. 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 FRAMEWORK FOR CONSOLIDATED FINANCIAL REPORTING
4 Basel II, IAS/IFRS … EC 1606/2002, 12/2000, 6/93… Country 1 FSA 1 Report 2Report Country 3Country 2Country 25 FSA 2FSA 3FSA 25 Report Report National Regulation Transposition into national Legislation European Law 9X,XX% best practices + EU requirements National Implementation XBRL challenge! Flexibility Principle Global best practices
5 Pillar I Capital COREP Templates Today Pillar I Capital COREP concept: extension Pillar II Supervision Pillar III Market COREP vs. Pillars COREP vs. Pillars Future templates?
6 COREP concept: extension Large report Medium report S mall report Custom report COREP superset of reports Depending on the national requirements each country will determine a framework and a level of detail.
8 COREP concept: Data Matrix EXPOSURE TYPES STANDARD APPROACH CAPITAL REQUIREMENTS EXPOSURE CLASSES All the dimensions are optional!
9 Customisation of Labels: I meaningful names of the items to be reported are used in reports to hide the technical name English labels German labels
10 CEBS XBRL: IT implementation model Bank Bank Management Operations Counterparties Collateral … Report XBRL Supervisor Supervision Reports Other data … to XBRL Taxonomy XBRL Errors Internet from XBRL INDUSTRY Didactic model for explanatory purposes only
11 CEBS XBRL EU: implementation model Bank Bank Management Operations Counterparties Collateral … Report Supervisor IS Supervisory Reports Other data … Presentation, Analysis… Bank operations, controls…. Basel II IAS/IFRS App. to XBRL from XBRL Basel II IAS/IFRS App. Report File Transfer (National) XBRL (Europe) XBRL (National) Errors Internet XBRL National implementation XBRL core Basel II IAS/IFRS Basel II IAS/IFRS Didactic model for explanatory purposes only
12 COREP implementation: Banks Bank 1 International Bank ASP provider Banking Supervisor Stock Ex. Supervisor Country Z Supervisor Bank 2 Bank 3 Bank n XBRL Reports Basel II IAS/IFRS Multiple implementation approaches: Small banks may use Application Service Provider -ASP- model, outsourcing technical complexity Banks may report all to all the Supervisors: Basel II & IFRS, Banking & Stock Exchange… International Banks may reduce supervisory burden when reporting to different countries
13 Opportunity window Too early Too late Operational: Basel II IFRS/IAS Establishing: CEBS XBRL EU Today!
14 COREP & FINREP prerequisites completed 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. 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.
15 COREP steps Organization Preliminary Workshop Boston Conference rd Workshop Tokyo Conference nd Workshop Kick off 1 st Workshop Proof of concept Preliminary version Tools Production version th Workshop th Workshop Tuning
16 FINREP steps Kick off 4 th Workshop Internal version 0.24 Public version XX 6 th Workshop th Workshop Tuning Production version 1.0
17 COREP & FINREP TODAY XBRL Tools: Updated to Dimensional Specification. Please ask for demos at the exhibition area. COREP: Taxonomy & Documentation published Public & Quality review => Next Improvements? Starting International acknowledgment FINREP: Project team working actively. Results in this Workshop.
18 Who is who Chairmanship Danièle Nouy, CEBS Chair, Secretary General French Banking Commission José María Roldán, CEBS past Chair, Director General Bank of Spain Pierre-Yves Thoraval, COREP past Chair, French Banking Commission Marc Pickeur, EGFI reporting Chair, Belgium Banking Commission Kurt Ramin, XBRL Intl Chair, International Accounting Standards Committee Federico Florez, XBRL Spain CEO, Bank of Spain CIO FINREP Giancarlo Pellizzari – Belgium CBFA Patrick Amis – French Banking Commission Jacobo Varela – Bank of Spain Mark Creemers - National Bank of Belgium
19 COREP project team Full time developers Katrin Schmehl – Bundesbank Daniel Hamm – Bundesbank Panagiotis Voulgaris – Bank of Greece Magdalena Llano – XBRL Spain Support Ignacio Boixo – Bank of SpainProject Coordination Michele Romanelli – Bank of ItalyData Modeling Fernando Wagener - Bank of SpainData Input & Mapping Walter Hamscher – PwC & XBRLStrategic Consultant Fernando Navarrete - Bank of SpainBusiness Relationship Olivier Servais – XBRL in EuropeWorkshops & dissemination Ignacio Hernández-Ros – XBRL IntlDimensions & Implementation And many many more….
21 CEBS XBRL flows CEBS XBRL Development & Maintenance Business National Supervisor Project Office Support Guidance Requirements Solutions
22 COREP Intellectual Property Copyright: The COREP & FINREP XBRL Project version 1.0 deliverables will be protected by copyright, owned by the CEBS Secretariat Ltd. 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
23 Challenge The 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 XBRL coordination among Supervisors is the critical success factor. The real challenge is the real XBRL implementation
24 Thanks - Obrigado - Merci - Gracias Danke - Grazie - Ευχαριστίες - Спасибо Pieter Bruegel The Tower of Babel. 1563