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CENTRAL BANK OF CYPRUS IMPLEMENTATION OF COREP & XBRL VII European Banking Supervisors

CENTRAL BANK OF CYPRUS IMPLEMENTATION OF COREP & XBRL VII European Banking Supervisors XBRL Workshop Munich, 9 May 2007. Banking Environment in Cyprus. 16 banks (9 subsidiaries of foreign banks) Branches of foreign banks Operations – mainly lending & deposit taking

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CENTRAL BANK OF CYPRUS IMPLEMENTATION OF COREP & XBRL VII European Banking Supervisors

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  1. CENTRAL BANK OF CYPRUS IMPLEMENTATION OF COREP & XBRL VII European Banking Supervisors XBRL Workshop Munich, 9 May 2007 7th xbrl workshop

  2. Banking Environment in Cyprus • 16 banks (9 subsidiaries of foreign banks) • Branches of foreign banks • Operations – mainly lending & deposit taking • Previously foreign exchange controls • No trading, only hedging • Low market risk 7th xbrl workshop Central Bank of Cyprus

  3. Situation Analysis • the templates published by CEBS: • ready • sufficient level of detail • flexibility • available reference list 7th xbrl workshop Central Bank of Cyprus

  4. Situation Analysis – 2 • Available transmission methods : • Hard copy • Laborious in terms of preparation and further processing • Electronically • Excel files – no control over formats, data syntax errors, limitations in processing • ASCII – no control, development from scratch 7th xbrl workshop Central Bank of Cyprus

  5. Situation Analysis – 3 • IT resources: • lack of know-how and expertise in xbrl / taxonomies • focuson smooth transition to Euro • Banking Sector • lack of know-how and expertise in xbrl • Standardised approach 7th xbrl workshop Central Bank of Cyprus

  6. Situation Analysis – 4 • Article 152 • Discretion for extension of implementation of CRD & COREP • Expected requests for exercise of discretion by many banks • Time for CBC & banks to acquire know-how & expertise in xbrl 7th xbrl workshop Central Bank of Cyprus

  7. THE DECISION • COREP • Full adoption – no deletions / additions • References to CBC directive • Explanations • XBRL • Use of off-the-shelf tool • Outsource 7th xbrl workshop Central Bank of Cyprus

  8. Step 1 – Liaison with banks • Presentation by P. Voulgaris • XBRL : creating and transmitting an xbrl instance automated and manual systems • COREP & taxonomy concepts • Constructive Feedback • Stage of preparation • Major Problems • Set up of Queries Process 7th xbrl workshop Central Bank of Cyprus

  9. Step 2 – Data Exchange • Expansion of Existing Infrastructure • secured exchange of xbrl files (instances) • e-business platform • Installation of new technology for encryption / decryption of files • Use of digital signatures 7th xbrl workshop Central Bank of Cyprus

  10. Step 3 – Validation of xbrl files • Xwand – Fujitsu tool Validation checks incorporated in taxonomies • Drawback: no monitoring controls viz a vis, reporting bank / period and completeness of templates • E-business application • Accountability • Reference date • Template definition • Testing by one bank validation errors revealed, corrected and resubmitted successfully (automatic input to excel, mapping excel to taxonomy, instance created by off-the-shelf tool) 7th xbrl workshop Central Bank of Cyprus

  11. Step 3 – Validation cont’d • Outsource – software solution (under implementation) • Additional validation (second) • using a customisedapplication through a set of predefined interfaces (prepared internally) • Additional validations and controls as agreed with CBC • Validation results in a format understandable by users 7th xbrl workshop Central Bank of Cyprus

  12. Step 4 - Visualisation • XWAND – Fujitsu tool Two options: • Automated processing of xbrl files into html / xls files – not followed • Manual processing one-by-one conversion of xbrl files into HTML format in a shared area • Problem encountered: • The visualisation result was not the anticipated COREP template • Extra effort is required to convert the data in xls format 7th xbrl workshop Central Bank of Cyprus

  13. Step 4 - Visualisation • Custom-made solution • Automated • Data transformation mapping of data from xbrl file into xls file • Expected Output : XLS file in the same format as the prescribed COREP templates 7th xbrl workshop Central Bank of Cyprus

  14. Step 5 - Processing Using the software solution • Load Data to Internal System The xml files will be mapped into a relational database (Oracle) and passed as input to the internal system of CBC • Processing of data • Production of Reports e.g. aggregation reports, comparison reports • Indicators 7th xbrl workshop Central Bank of Cyprus

  15. TARGET • Know-how & expertise in Taxonomy editing • Further analysis on COREP templates • Accommodate possible changes on COREP templates by CEBS 7th xbrl workshop Central Bank of Cyprus

  16. Thank you ! Mary Kyriakidou Banking Supervision and Regulation Department Central Bank of Cyprus E-mail : marykyriakidou@centralbank.gov.cy 7th xbrl workshop Central Bank of Cyprus

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