Banks' integrated reporting
Banks have to comply with a vast amount of statistical and supervisory requirements from European and national authorities. So the ECB’s Statistics Committee is promoting an integrated, more streamlined reporting framework for banks.
The Banks’ Integrated Reporting Dictionary BIRD and the European Reporting Framework (ERF) initiatives are key components of the new framework, which is being implemented gradually to improve data quality and minimise the reporting burden.
The manual that bridges the reporting frameworks of the ECB and the European Banking Authority (EBA) will be maintained until the new framework is sufficiently developed: Updated classification system between the reporting frameworks of the EBA and the ECB
BIRD – a special tool for banks
BIRD stands for Banks’ Integrated Reporting Dictionary.
This initiative, which was launched in 2015, is aimed at providing banks with up-to-date reference material that facilitates the production of statistical and supervisory reports.
The BIRD documentation is available to all interested parties. Banks can freely decide if they want to use it.
What can banks expect?
- A precise description of the data that must be extracted from internal systems to generate reports.
- Clearly defined rules for transforming these data in order to comply with reporting requirements.
Why is BIRD useful?
BIRD activities are carried out by a group of experts from various national central banks and commercial banks, whose work is coordinated by the ECB.
These experts analyse reporting requirements and define the data processing rules required to meet them – a task which would otherwise need to be completed by every single reporting bank. This, in turn, helps to ensure that data reported by banks to authorities are comparable and consistent.
European Reporting Framework (ERF)
The ERF is a strategic, long-term project that aims to integrate various banking reporting requirements into a single, comprehensive and harmonised European Reporting Framework for banks.
The first phase aims to gradually cover the ECB’s data requirements, while the second phase is intended to also cover the requirements of the EBA’s Implementing Technical Standards.
The project is in its early stages and many aspects, including the timeline, are still a work in progress.