ESCB conducts IReF cost-benefit assessment

2020/11/02

The Eurosystem is continuing the development of an Integrated Reporting Framework (IReF) to consolidate European System of Central Banks (ESCB) statistical requirements. Based on its 2018 cost-benefit analysis, the ESCB has developed a basic proposal for the IReF, which is to be evaluated by stakeholders using a cost-benefit assessment questionnaire. The national central banks of all euro area countries and Sweden have selected national respondents, including institutions of all sizes and types which account for 80% of total assets. Based on the responses, the ESCB will draft a regulation on the statistical reporting of deposit-taking corporations under the IReF, which will replace the existing European Central Bank (ECB) statistical regulations for those institutions starting from 2024-2027. The existing ECB regulations that relate to the datasets falling within the scope of the IReF will be either repealed or amended to exclude deposit-taking corporations from their scope (where the regulations also address other institutional sectors).

The framework covers data needed to calculate minimum reserves and integrates reporting obligations in respect of deposit-taking corporations’ own positions and transactions arising from the ECB guidelines on external statistics and financial accounts, as well as reporting requirements concerning securities issues arising from the ECB guideline on monetary and financial statistics. Residency-based requirements arising from other international organisations (i.e. BIS locational banking statistics and standard IMF reports) are also being considered, but, primarily, the focus is on reporting obligations for balance sheet items, interest rates, granular credit and credit risk datasets (AnaCredit), and the sectoral module of securities holdings statistics (SHS).