AnaCredit is a project to set up a dataset containing detailed information on individual bank loans in the euro area, harmonised across all Member States. “AnaCredit” stands for analytical credit datasets.
The project was initiated in 2011 and data collection started in September 2018.
The Regulation on the collection of granular credit and credit risk data sets out the reporting requirements and defines the reporting population.
On 4 December 2015 the ECB published the AnaCredit draft regulation, giving to the public the opportunity to make observations until 29 January 2016. Mainly associations and federations replied. The ECB, together with national central banks, assessed the observations received. As a result, an amended version of the draft regulation was approved by the Governing Council in May 2016.
A Feedback Statement explains how the observations received were assessed and taken into account in the Regulation.
The financial crisis showed that aggregate statistics are not sufficient for an adequate understanding of the underlying developments, given that a number of economic and financial indicators have diverged significantly across different segments of the economy, such as sectors of activity, firm size or geographical areas.
The AnaCredit dataset makes it possible to fill this data gap supporting the ECB in performing its central banking and banking supervision functions, such as
AnaCredit makes it possible to identify, aggregate and compare credit exposures and to detect associated risks on a loan-by-loan basis.
At present, banks only report information on loans to corporations and other legal entities, mostly on a monthly basis. Should the ECB’s Governing Council decide to extend the AnaCredit project at a later stage, e.g. including housing loans to private households, these would be reported anonymously to the ECB.
The dataset is designed for:
Some users will only have access to part of the dataset at an aggregated level to ensure confidentiality.
Data are treated according to strict confidentiality rules as set out under existing European law, and are only accessible to the aforementioned users and for the foreseen uses.
In 2010 a Memorandum of Understanding was established between several EU national central banks, replacing the Memorandum signed in 2003. It provides a framework for the voluntary bilateral exchange of information between national central credit registers, to facilitate cross-border sharing among reporting institutions of the information stored in these credit registers.
Given the establishment of AnaCredit, the exchange of information under this Memorandum of Understanding has been discontinued since September 2018.
The Manual provides detailed information and guidance on AnaCredit reporting requirements. Its overall objective is to ensure consistent and effective application across the euro area of the AnaCredit statistical framework, as set out in Regulation (EU) 2016/867 of May 2016 (ECB/2016/13). The Manual does not contain any additional requirements and has no binding legal status. The AnaCredit Regulation is the sole legally binding act.
The Manual is made up of three parts:
Finally, the annexes provide additional information relevant for reporting agents, such as lists of country specific national identifiers and legal forms as well as examples of complete data reports concerning stylised instruments.
The Manual is complemented by further explanations provided via the ongoing Q&A process.
Reporting agents and other stakeholders can submit a question to the relevant national central bank (NCB) at any time. The NCB or, in the case of broader questions, the European System of Central Banks, subsequently prepares a response and the NCB concerned communicates this back to the requester – adjusting the response in line with the national reporting framework if applicable. A selection of these Q&As is published here on an ongoing basis.
The Q&As form part of the AnaCredit Manual. They extend and complement the clarifications already provided in the Manual. Similarly to the rest of the Manual, the Q&As have no binding legal status, nor do they contain any additional requirements.
The Manual (inclusive of the Q&As) does not provide any information about the national implementation of AnaCredit requirements by NCBs. Reporting agents and other stakeholders are invited to contact the relevant NCB for such information.
The ECB performs validation checks to ensure that data reported to AnaCredit are complete and consistent, in accordance with the requirements. The below document explains the main set of validation checks that are performed.