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Evolution of COREP and FINREP Presented at the:

Evolution of COREP and FINREP Presented at the: IX European Banking Supervisors XBRL Workshop & Tutorial In: Paris On: 30th September 2008 By: Wolfgang Strohbach Member of CEBS XBRL Network. Outline. CEBS??? FINREP vs. COREP EU-wide reporting formats Streamlining & Harmonization project

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Evolution of COREP and FINREP Presented at the:

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  1. Evolution of COREP and FINREPPresented at the: IX European Banking SupervisorsXBRL Workshop & TutorialIn: ParisOn: 30th September 2008By: Wolfgang Strohbach Member of CEBS XBRL Network

  2. Outline • CEBS??? • FINREP vs. COREP • EU-wide reporting formats • Streamlining & Harmonization project • One-entry point

  3. 1. CEBS in the Lamfalussy process: 3 levels Level 1: The Commission European Parliament Council Legislation Level 2: European Banking Committee Policy and implementation measures Level 3: CEBS Convergence and supervisory cooperation

  4. Council European Commission European Parliament EFC-FST¹ FSC¹ EBC¹EFCC¹ Economic and Monetary Affairs Committee (ECON) Advice/accountability coordination CEIOPS3 CEBS² European Central Bank (ECB) Level-3 coordination CESR3 Banking Supervision Committee (BSC) Co-operation Accountability IWCFC3 Inter-Institutional Monitoring Group EBC European Banking Committee EFCC European Financial Conglomerates Committee EFC Economic and Financial Committee FSC Financial Services Committee FST Financial Stability TableIWCFC Interim Working Committee on Financial Conglomerates ¹Finance ministries (FST also central banks) ²Supervisors and Central Banks³Supervisors 1. CEBS in the EU: our role

  5. What is: consolidated financial information collected by national supervisors and based on endorsed IFRSs. First released: December 2006 Objective: Increase comparability of financial information delivered by banks to supervisors (convergence) Structure: core information non-core information additional quantitative and qualitative information (national discretion) Implementation in EU: 21 countries mainly core information 2. FINREP (Financial Reporting)

  6. What is: Solo and consolidated prudential information collected by national supervisors and based on CRD (Basel II) Objective: develop a common language for communication in the context of a common European framework (convergence) First released: January 2006 Structure: core information (homogen) standardised supplemental information (flexible) Implementation in EU: 27 countries 2/3 of content 2. COREP (Common Reporting)

  7. 2. COREP Basel II

  8. 3. Assessment Study (2007)

  9. 3. EU-wide reporting format • “move towards EU-wide reporting formats so as to have a single set of data requirements and reporting dates.” (ECOFIN conclusions) COREP EU-wide reporting formats FINREP Harmonised but flexible Hard convergence

  10. 3. Hard convergence • Scope: • IAS/IFRS: consolidated and sub-consolidated reports (FINREP) • Pillar 1: consolidated, sub-consolidated and solo reports (COREP) • Hard convergence on data definitions: • Use of different accounting frameworks (IFRS vs. National GAAP) • Different CRD implementation • Call for Advice on National Discretions (advise by CEBS to EU Com) • Implementation Questions (publication on CEBS’ website) • CRD Transposition Questions (EU Commission) • Differences in supervisory approaches • EGFI Queries • Seminars and workshops

  11. 4. Streamlining project • Maximum data model: so as no additional data requirements on financial reporting and Pillar 1 will be imposed • Based on need-to-know basis for supervisory purposes: • the ongoing user-test on FINREP and COREP will determine the use and the relevance of the data requirements • Seminars and workshops on the use on FINREP and COREP data will provide detailed information • Data models structured in two layers: core and non-core • Core: data required by all supervisory authorities • Non-core: adapted to national needs, either for domestic-operating or entities included in cross-border groups (for the latter, the banks will build the data model by aggregations of national data models or by decision within a college of supervisors)

  12. 4. Timeline COREP FINREP* *FINREP dates are tentative and are influenced by other factors, as JEGR Design phase Consultation phase Decision phase Transposition phase Application phase

  13. 4. Graphically… • Reporting before… and after… Supervisor 1 Supervisor 1 Group A, B, C Common framework Group A XBRL Supervisor 2 Supervisor 2 Group B XBRL Supervisor 3 Supervisor 3 Group C Different templates and definitions Common templates and definitionsSeveral formats Single format Different technologies XBRL recommended

  14. 5. Analysis of simplified reporting procedures • Decentralised model vs. one entry point approach • Analysis of costs and benefits for cross-border groups and national authorities • Analysis of pre-requisites for one entry point approach FSA A FSA A Bank X Bank X FSA B Database FSA B FSA C FSA C

  15. Questions? Thank you! 15

  16. Contacts:CEBSwww.c-ebs.orgwww.corep.infowww.finrep.infoWolfgang Strohbach:wolfgang.strohbach@c-ebs.org

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