06 December 2024

EBF Welcomes Revised IReF Timeline: A Key Step Towards Harmonized EU Reporting

While focused on statistical reporting, the IReF will serve as preamble to a more ambitious integration of EU-wide statistical, prudential and resolution reporting as ultimate objective for both authorities and the industry.

The banking industry considers the Integrated Reporting Framework (IReF) as the very first concrete step in the revamping of the current reporting system for banks in Europe. While focused on statistical reporting, the IReF will serve as preamble to a more ambitious integration of EU-wide statistical, prudential and resolution reporting as ultimate objective for both authorities and the industry.

In this context, the EBF acknowledges the announcement by the ECB regarding the updated timeline foreseeing the start of the reporting in the fourth quarter of 2029 in order to provide the required time to have a fit for purpose product. A rescheduling in line with the calls by the EBF that will also help to discuss and clarify key aspects such as the planned pilot phase or any parallel phase that will have a substantial impact in the implementation cost by the banks, as well as ensuring maximum (syntactic and semantic) harmonization and the maximum reduction of additional national requirements as the only way to achieve a true cost benefit for the industry. This rescheduling of the IReF timeline, together with the start of operation of the Joint Bank Reporting Committee (JBRC) and the Reporting Contact Group (RCG), offers an opportunity to further concentrate on the harmonization aspect which is a necessary condition to meet the EBF “define once” principle.

Accordingly, the EBF renews its commitment to continue facilitating the close working cooperation between the ESCB and the banking industry towards ensuring the IReF meets the objectives set by authorities while at the same time provides to banks the required benefits to reduce reporting burden and cost.

Also, in its capacity of Co-Secretariat of the Banks’ Integrated Reporting Dictionary (BIRD), the EBF will continue working with the ECB towards ensuring the alignment between BIRD and IReF. An alignment that will make possible the direct application of BIRD for statistical reporting, with the aim to be further developed towards a complete integration with statistical, prudential and resolution requirements.

 

EBF

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