The European Central Bank (ECB) and the European Banking Authority (EBA) have formed a new committee, the Joint Bank Reporting Committee (JBRC), aimed at promoting uniformity in definitions and standards for data used in mandatory banking reports. The initiative is designed to enhance efficiency and reduce costs.
According to a joint press release, the ECB and EBA established the JBRC through a Memorandum of Understanding signed on March 18. A key task assigned to the committee is the creation of a common data dictionary for banks to report statistical, supervisory, and resolution data.
The joint press release also reveals that the ECB, EBA, European Commission, and Single Resolution Board (SRB) will be part of the JBRC. Other relevant authorities with supervisory, resolution, and statistical reporting requirements in European Economic Area Member States along with representatives from the banking industry will also participate.
European Commissioner for Financial Stability, Financial Services Mairead McGuinness underscored the significance of this committee as part of implementing the European Commission’s supervisory data strategy. This strategy calls for modernizing and streamlining reporting. "Supervisory authorities and the financial sector need to work together to deliver a reporting system that gives supervisors the data that they need while increasing efficiency and minimising the burden for reporting entities. This contributes also to the Commission’s reporting rationalisation exercise," McGuinness stated in the press release.
SRB Chair Dominique Laboureix echoed these sentiments. "Streamlined and harmonised approaches will also improve the sharing of information between public authorities," Laboureix said.