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COREP & FINREP XBRL projects update
V European Banking Supervisors XBRL Workshop COREP & FINREP XBRL projects update Ignacio Boixo COREP XBRL Project Coordinator XBRL Spain. Manager Bank of Spain. Int’l IT Projects Mngr. Madrid,
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Agenda CEBS public statement about XBRL XBRL implementation model Project timeframes COREP & FINREP today Next Steps
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CEBS public statement about XBRL
National supervisory authorities are free to decide on the technical aspects involved in implementing the framework. CEBS considers, however, that XBRL can be a helpful tool in constructing a standardised European reporting system. CEBS will develop an XBRL taxonomy, which will be made available without cost to national authorities and supervised credit institutions. CEBS December 2005. FRAMEWORK FOR CONSOLIDATED FINANCIAL REPORTING
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9X,XX% best practices + EU requirements
Flexibility Principle Basel II, IAS/IFRS … Global best practices European Law 9X,XX% best practices + EU requirements EC 1606/2002, 12/2000, 6/93… Transposition into national Legislation Country 1 Country 2 Country 3 Country 25 National Regulation FSA 1 FSA 2 FSA 3 FSA 25 National Implementation Report 1 Report 2 Report 3 Report 25 XBRL challenge!
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COREP concept: extension
vs. Pillars Future templates? Pillar I Capital COREP Templates Today Pillar I Capital Pillar II Supervision Pillar III Market
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COREP concept: extension
COREP superset of reports Large report Custom report Medium report Small report Depending on the national requirements each country will determine a framework and a level of detail.
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COREP concept: template
Dimension 2 Dimension 1 Measure Measure Measure Measure Dimension 3 Dimension 4
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COREP concept: Data Matrix
All the dimensions are optional! EXPOSURE TYPES EXPOSURE CLASSES STANDARD APPROACH CAPITAL REQUIREMENTS
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Customisation of Labels: I
English labels German labels meaningful names of the items to be reported are used in reports to hide the technical name
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CEBS XBRL: IT implementation model
Didactic model for explanatory purposes only Bank Supervisor Taxonomy XBRL Errors INDUSTRY Internet Supervision Reports Other data … Bank Management to XBRL from XBRL Operations Counterparties Collateral … Report XBRL
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CEBS XBRL EU: implementation model
Didactic model for explanatory purposes only Basel II IAS/IFRS Basel II IAS/IFRS XBRL National implementation XBRL (National) XBRL (Europe) Bank Supervisor Internet Bank operations, controls…. Presentation, Analysis… Errors Errors Bank Management Operations Counterparties Collateral … IS Supervisory Reports Other data … Basel II IAS/IFRS App. Basel II IAS/IFRS App. to XBRL from XBRL Report Report XBRL core File Transfer (National)
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COREP implementation: Banks
XBRL Reports Multiple implementation approaches: Small banks may use Application Service Provider -ASP- model, outsourcing technical complexity Banks may report all to all the Supervisors: Basel II & IFRS, Banking & Stock Exchange… International Banks may reduce supervisory burden when reporting to different countries Bank 1 Bank 2 Bank 3 ASP provider Bank n Basel II Banking Supervisor IAS/IFRS International Bank Stock Ex. Supervisor Country Z Supervisor
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Opportunity window 2002 2003 2004 2005 2006 2007 2008 Too late
Operational: Basel II IFRS/IAS ••• Today! Too early Establishing: CEBS XBRL EU •••
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COREP & FINREP prerequisites completed √
16 Dec CEBS GUIDELINES ON FINANCIAL REPORTING CEBS has published guidelines establishing a standardised financial reporting framework (FINREP) for credit institutions operating in the EU. 31 Dec Dimensions 1.0 (Candidate Recommendation) The Dimensions 1.0 Specification is a modular, optional extension to the XBRL 2.1 Specification which allows XBRL taxonomy authors to define and restrict dimensional information. 13 Jan CEBS GUIDELINES ON COMMON REPORTING CEBS has published guidelines on a common reporting framework (COREP) to be used by credit institutions and investment firms when they report their solvency ratio to supervisory authorities under the Capital Requirements Directive.
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COREP steps Preliminary Workshop Kick off 1st Workshop 2nd Workshop
Preliminary Workshop Kick off 1st Workshop 2nd Workshop Boston Conference 3rd Workshop Tokyo Conference 4th Workshop 5th Workshop Organization Proof of concept Preliminary version 0.6.1 Tools Production version 1.0 Tuning
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FINREP steps Kick off 4th Workshop 5th Workshop 6th Workshop
Kick off 4th Workshop 5th Workshop 6th Workshop 06-09-XX Internal version 0.24 Public version 0.24 Production version 1.0 Tuning
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Taxonomy & Documentation published
COREP & FINREP TODAY COREP: Taxonomy & Documentation published Public & Quality review => Next Improvements? Starting International acknowledgment FINREP: Project team working actively. Results in this Workshop. XBRL Tools: Updated to Dimensional Specification. Please ask for demos at the exhibition area.
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Pierre-Yves Thoraval, COREP past Chair, French Banking Commission
Who is who Chairmanship Danièle Nouy, CEBS Chair, Secretary General French Banking Commission José María Roldán, CEBS past Chair, Director General Bank of Spain Pierre-Yves Thoraval, COREP past Chair, French Banking Commission Marc Pickeur, EGFI reporting Chair, Belgium Banking Commission Kurt Ramin, XBRL Int’l Chair, International Accounting Standards Committee Federico Florez, XBRL Spain CEO, Bank of Spain CIO FINREP Giancarlo Pellizzari – Belgium CBFA Patrick Amis – French Banking Commission Jacobo Varela – Bank of Spain Mark Creemers - National Bank of Belgium
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Katrin Schmehl – Bundesbank
COREP project team Full time developers Katrin Schmehl – Bundesbank Daniel Hamm – Bundesbank Panagiotis Voulgaris – Bank of Greece Magdalena Llano – XBRL Spain Support Ignacio Boixo – Bank of Spain Project Coordination Michele Romanelli – Bank of Italy Data Modeling Fernando Wagener - Bank of Spain Data Input & Mapping Walter Hamscher – PwC & XBRL Strategic Consultant Fernando Navarrete - Bank of Spain Business Relationship Olivier Servais – XBRL in Europe Workshops & dissemination Ignacio Hernández-Ros – XBRL Int’l Dimensions & Implementation And many many more….
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Conference Call every Thursday.
Collaborative Tools Conference Call every Thursday. Time: 16:00 CET, 15:00 London, 10:00 Boston, 07:00 Seattle Phone number: Conference ID:
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National Supervisor Project Office
CEBS XBRL flows National Supervisor Project Office Support Solutions Business Requirements Guidance CEBS XBRL Development & Maintenance
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COREP Intellectual Property
Supporting the royalty free use of XBRL on COREP & FINREP, an Intellectual Property Strategy has been implemented: Pre-emptive measure in the IT world. Trademark: CEBS Secretariat Ltd. has applied for the names “COREP” & “FINREP” Copyright: The COREP & FINREP XBRL Project version 1.0 deliverables will be protected by copyright, owned by the CEBS Secretariat Ltd.
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Challenge The real challenge is not the development of the taxonomy; a group of enthusiastic people is ready to carry out this job, as it has been demonstrated. The real challenge is the real XBRL implementation The XBRL coordination among Supervisors is the critical success factor.
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Pieter Bruegel The Tower of Babel. 1563
Thanks - Obrigado - Merci - Gracias Danke - Grazie - Ευχαριστίες - Спасибо Pieter Bruegel The Tower of Babel. 1563
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