11 December 2009
The Committee of European Banking Supervisors (CEBS) today publishes its guidelines in relation to the common reporting of large exposures.
CEBS has developed common reporting templates and guidelines in relation to large exposures reporting and they will be included in the COREP framework so as to ensure a unified European reporting system. Thereafter, large exposures reporting will be based on the same standards (i.e. frequency, remittance dates, formats and platform) as the other COREP data. The development of the templates was undertaken on the same basis as the COREP framework, i.e. to identify the items to be reported on a "need-to-know"-basis.
The revised large exposures regime shall be applied from 31 December 2010. As the uniform and binding COREP would have to be applied only from 31 December 2012(1), there will be a two-year period during which common large exposures reporting will not be available under the binding COREP. Throughout this period, until the final uniform COREP framework is implemented, CEBS recommends that national supervisors incorporate the large exposures reporting set out in these guidelines into their national reporting system.
Although CEBS does not expect any changes to the content of the reporting templates or the guidelines, changes might be necessary at a later stage, to ensure that templates and guidelines meet the uniform COREP reporting format, terminology and other technical requirements being developed for the COREP framework. CEBS expects the revised COREP guidelines to be published for consultation in 2010, which will include the section on large exposures(2).
In developing its guidelines, CEBS has benefited from views gathered from a wide range of market participants. Input was provided in the industry's responses to the consultation paper (CP26) published in June 2009 and at a public hearing organised in September 2009. CEBS has considered the feedback received and has revised its initial proposals in order to address the main issues raised by market participants.
1) Based upon the current proposals, it is envisaged that the European Banking Authority shall develop binding technical standards for supervisory reporting, including common reporting of large exposures, by 1st of January 2012. In this context, CEBS is currently working on the standardisation of COREP.
2) In this context, CEBS would like to note that the section on large exposures will be included for the sake of completeness, but will not be open for further discussion, because with the publication of these guidelines, CEBS considers the work on large exposures' reporting to be finalised.