EBA is giving banks a degree of flexibility through the phased introduction of its new reporting requirements. The decision was prompted by the fact that the implementation date of the Capital Requirements Regulation (CRR) is not yet known, which could mean that financial institutions will be asked to submit all their reports with immediate effect.
The European Commission has asked the EBA to compile the relevant binding technical standards, including reporting requirements for the supervision of institutions: the Common Reporting Framework (COREP) and the Financial Reporting Framework (FINREP).
For the introduction of FINREP, EBA decided to postpone the initial reporting date to 1 January 2014. It still has to decide how to structure the phasing in of the other reports (COREP, liquidity). This decision will be taken as soon as the definitive CRR provisions are available.
On 13 September, EBA will hold a workshop for the banks' reporting experts on the introduction of the new reports.