CEBS and XBRL: COREP - FINREP

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Presentation transcript:

CEBS and XBRL: COREP - FINREP Marc Pickeur 13th XBRL International Conference May 2006, Madrid

CEBS Committee of European Banking Supervisors: www.c-ebs.org advises the European Commission on banking policy issues ; promotes convergence of supervisory practise across the European Union ; fosters and reviews common implementation and consistent application of Community legislation. www.c-ebs.org

CEBS

CEBS

The CEBS’ Frameworks FINREP: standardised consolidated financial reporting framework for credit institutions. COREP: common reporting framework for the new solvency ratio for credit institutions and investment firms.

The CEBS’ Frameworks: cross-border aspects Further reduction in reporting burden through future alignment of supervisory practices. FINREP will enable banks to use the same standardised data formats and data definitions.

XBRL CEBS considers that XBRL can be a helpful tool in constructing a harmonised European reporting mechanism. CEBS will develop XBRL taxonomies for both the COREP and FINREP frameworks. Source: CEBS Guidelines 16.12.05 and 13.01.06

XBRL XBRL handles free layout and allows for standardised reporting analysis. Efficiency tool : reconciles supervisory demand with industry concern on additional burden for the industry : efficient tool for use of multiple demand of information – internally & externally for supervisors : enhance co-operation and exchange of information among supervisors

XBRL Participation in XBRL Workshops. Presentations at XBRL Conferences. Development of taxonomies.

XBRL Some European countries already quite advanced (creation of national XBRL jurisdiction, mandatory use of XBRL as reporting tool) Success factors: existing national situation, expectations of banking sector, role of central bank, …

Questions www.cbfa.be Marc.Pickeur@cbfa.be