ECB Announces New Timeline for Harmonization of Banks’ Statistical Reporting
4 December 2024
The European Central Bank (ECB) announced today a new timeline for harmonizing statistical reporting by banks. This is in response to the growing need for more accurate and consistent data on the banking sector.
The new timeline will see the introduction of a new European Banking Statistics Regulation (EBSR) by 2028. This regulation will replace the current reporting framework, which is based on a patchwork of different national regulations and standards.
The EBSR will harmonise the way that banks report their data, making it easier to compare data across different countries and institutions. This will provide the ECB and other policymakers with a more comprehensive view of the banking sector and help them to make better informed decisions.
The new timeline also includes a number of other measures to improve the quality of bank statistical reporting. These include:
- The development of new data standards and methodologies
- The establishment of a new European Banking Data Warehouse
- The creation of a new European Banking Data Advisory Board
The ECB is committed to working with banks and other stakeholders to implement the new harmonization framework. The Bank believes that this framework will ultimately lead to more accurate and consistent data on the banking sector, which will benefit all stakeholders.
Detailed Article
The ECB’s announcement today is a significant step forward in the harmonization of bank statistical reporting in Europe. The new framework will provide the ECB and other policymakers with a more comprehensive view of the banking sector and help them to make better informed decisions.
The new timeline is as follows:
- 2025: The ECB will publish a consultation paper on the proposed EBSR.
- 2026: The European Parliament and the Council of the European Union will adopt the EBSR.
- 2028: The EBSR will come into effect.
The ECB is also working on a number of other measures to improve the quality of bank statistical reporting. These include:
- The development of new data standards and methodologies. The ECB is working with banks and other stakeholders to develop new data standards and methodologies that will improve the accuracy and consistency of bank statistical reporting.
- The establishment of a new European Banking Data Warehouse. The ECB is establishing a new European Banking Data Warehouse that will collect and store data from banks across Europe. This will provide the ECB and other policymakers with a more comprehensive view of the banking sector.
- The creation of a new European Banking Data Advisory Board. The ECB is creating a new European Banking Data Advisory Board that will provide advice on the development and implementation of the new harmonization framework.
The ECB is committed to working with banks and other stakeholders to implement the new harmonization framework. The Bank believes that this framework will ultimately lead to more accurate and consistent data on the banking sector, which will benefit all stakeholders.
ECB announces new timeline for harmonisation of banks’ statistical reporting
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