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Finrep (EBA)

Together, the European Economic Area (EEA) and the European Banking Authority (EBA) wanted to ensure better financial transparency and harmonize European banks and investment companies. They introduced the Capital Requirements Directive IV (CRD IV) which came into effect January 1st 2014. The regulation requires two reports: Common Reporting (COREP) and Financial Reporting (FINREP).

Enacted September 30, 2014, FINREP increased the amount of financial reporting and requirements on banks. Specifically the income statement and balance sheet require now require more granular data from the general ledger relating to the classifications and geographic regions of counterparties. In addition, FINREP requires the submission of quarterly reports with a whopping 40+ forms/templates and 3,500 data fields.

The objective of the standard, summarized by PWC, is as follows:

  • Standardize reporting: To standardize reporting requirements across Europe in order to reduce the impact of multiple regular reporting requirements from different European supervisors
  • Central repository: Establish a central repository for European banking data to enable improved risk identification and management for cross-border institutions
  • Enable analysis: Facilitate peer reviews, trend predictions, risk analysis and provide greater transparency, especially on cross-border institutions; and
  • Data Sharing: Enable data to be easily shared with national and international authorities, supervisory colleges, ESRB and ESAs 

FINREP applies to “credit institutions” or banks and investment firms that are list on a stock exchange, prepare IFRS compliant financial statements and subject to CRD IV.

Discover how CCH Tagetik Performance Management Software delivers:

EBA Supervisory Reporting