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Proportionality needs to be applied to AnaCredit

Proportionality needs to be applied to AnaCredit

​​​​​​BRUSSELS, 3 March 2016  Georg Fahrenschon, President of German ESBG-member DSGV, the German Savings Banks Association, pleaded recently in favour of a revision of financial regulation. Regulation needs to become slimmer and more precise, he said. At the moment, the European regulators should rather focus on the different business models in the financial sector, he continued. 

It is important to place the client at the centre of the financial institutions’ activities. In this context Fahrenschon criticized the AnaCredit​ project. This project aims to provide to the European Central Bank a set of data on the credits granted by financial institutions to the non-financial sector. Fahrenschon emphasized that the costs related to the process of data collection would outweigh the benefits of the Anacredit project and asked for an application of the proportionality principle. 

>> See ESBG's full position paper on anacredit

Financial reporting; European Institutions; European Supervisory Authorities (EBA-ESMA)