The European Central Bank (ECB) and the European Banking Authority (EBA) have formed a Joint Bank Reporting Committee (JBRC) aimed at harmonizing and integrating data reporting within the banking industry. This initiative, marked by the signing of a Memorandum of Understanding, aims to develop common definitions and standards for statistical, supervisory, and resolution data. By doing so, the JBRC seeks to improve efficiency and reduce costs associated with data reporting.
Isabel Schnabel, ECB Executive Board member, emphasized the importance of high-quality data for fulfilling the ECB's mandate, while EBA Chairperson José Manuel Campa highlighted the priority of creating a harmonized, proportionate, and efficient reporting system. The initiative also aligns with the European Commission's supervisory data strategy, aiming to streamline and modernize reporting for EU banks.
The JBRC will include representatives from the ECB, EBA, European Commission, Single Resolution Board (SRB), and other relevant authorities from European Economic Area Member States. A consultative body, the Reporting Contact Group, will facilitate industry participation. One of the committee’s key tasks will be to establish a common data dictionary to standardize reporting concepts and definitions.
This collaborative effort is expected to enhance data sharing among public authorities and reduce the reporting burden on banks, ultimately contributing to a more efficient and integrated European banking sector.
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