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ESBG responds to EBA consultation on proposed COREP amendments

ESBG responds to EBA consultation on proposed COREP amendments

Provides feedback on standardized reporting framework for Capital Requirements Directive reporting

>> See entire ESBG response

​​BRUSSELS, 1 April 2016 – ESBG submitted this week its response to the European Banking Authority (EBA) consultation on proposed amendments by the EU banking authority to the COREP – the standardized reporting framework issued by the EBA for the Capital Requirements Directive reporting.

The ESBG submission compiles detailed member responses to the nine questions posed by the EBA. The banking trade association's members have highlighted in the response possible technical issues presented by the proposed amendments while also stressing the high burden on one-off IT requirements linked to these templates.

Common Reporting (COREP) covers credit risk, market risk, operational risk, own funds and capital adequacy ratios. This reporting framework has been adopted by almost 30 European countries. As part of the EBA's harmonisation of European regulatory reporting, the EBA has proposed a series of amendments to the COREP framework. The changes will allow the inclusion of the new requirements for reporting information on prudent valuation, as well as some supplementary requirements for reporting credit risk information.

Why it's important

The information collected by this consultation will allow banking supervisors throughout the EU to assess how banking institutions are complying with the requirements on prudent valuation set by EU legislation and the related technical standards developed by the EBA, as well as any additional financial information required by competent authorities to perform their supervisory tasks.

Background on the consultation

​The response relates to the March 4 launch of the EBA public consultation on the inclusion of prudent valuation in COREP, the reporting framework through which EU banking institutions report supervisory information. The amendments proposed by the EBA reflect the prudent valuation requirements in Commission Delegated Regulation (EU) No 2016/101.​

Capital Requirements Directive and Regulation; Standardization; European Institutions; European Supervisory Authorities (EBA-ESMA)