ECB publishes report on reducing reporting burden, increasing data quality
- Smarter and standardized reporting procedures proposed to reduce banks’ reporting costs
- Banking industry involvement in improving procedures needed
The European Central Bank (ECB) published the European System of Central Banks’ (ESCB) input into a European Banking Authority (EBA) feasibility report on reducing the reporting burden for the European banking industry.
The ESCB report proposes to reduce the reporting burden for banks in the fields of statistical, resolution and prudential reporting without losing the information content that is indispensable to monetary policy, resolution and supervisory tasks. This can be achieved through:
- a common standard data dictionary and common data model for statistical, resolution and prudential information requirements;
- smarter procedures, such as harmonized transmission reporting formats, the removal of duplications and improved data sharing between authorities;
- increased cooperation between European authorities, and between authorities and the banking industry, to achieve a common standard data dictionary, a common data model and smarter procedures.
These efforts should help to reduce the reporting burden for banks and increase the quality of the data received by authorities. As a result, banks would be able to reduce costs, and authorities could better monitor developments in the banking industry.
March 25, 2020
June 25, 2019
March 13, 2020