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Reporting obligations of supervised institutions

Reporting requirements

The grid of prudential reporting obligations applicable by financial agent is a support document made available by the Banco de Portugal to all interested parties. This information has no legal validity and does not exempt the consultation of all applicable national and international legislation.

 

Last review: May 2019

Commission Implementing Regulation (EU) 680/2014

European Union credit institutions and investment firms are obliged to comply with a set of prudential reporting requirements enshrined in Implementing Regulation (EU) No 680/2014, published by the European Banking Authority (EBA).

Implementing Technical Standards (ITS) defined by the European Banking Authority cover the reporting of own funds, financial information, losses arising from lending collateralised by immovable property, large exposures, leverage and liquidity ratios, among others.

These ITS apply generally to credit institutions and investment firms, both individually and at a consolidated level. 

The standardisation of the reporting requirements ensures fairer conditions of competition between comparable groups of credit institutions and investment firms, thereby increasing the institutions' efficiency.

By ensuring greater convergence between Member States' supervisory practices, these requirements also allow the risks to financial stability to be assessed consistently across the European Union, making the comparison between banks more rigorous and helping emerging systemic risks to be identified.

Reporting frameworks FINREP-COREP

COREP

COREP (an abbreviation of common reporting framework) is a model for reporting prudential information, applying to credit institutions and investment firms, both individually and at consolidated level, supervised by Banco de Portugal or the Single Supervisory Mechanism.

FINREP

FINREP (an abbreviation of financial reporting framework) is a model for reporting financial and accounting information, applying to credit institutions and investment firms, both individually and at consolidated level, supervised by Banco de Portugal or the Single Supervisory Mechanism.

 

Greater detail about the various templates comprising FINREP and COREP is available in the Scope section.

Scope

Reporting calendar

Clarification sessions

The Banco de Portugal promotes annual clarification sessions about the implementing technical standards (ITS) to ensure that all institutions adapt their infrastructures on time.

The agenda, local, date and time are communicated by the Banco de Portugal to all supervised entities via email invitation.

Reporting language

The new supervision guidelines' reporting requirements are transposed into the technology through XBRL language (eXtensible Business Reporting Language).

The European Banking Authority (EBA), and Banco de Portugal as a result, adopted this language with a view to standardising the data transmission format between institutions and regulators within the European Union.

XBRL, the open and free standard derived from XML, was defined at its inception to meet the needs of financial and business information and is taken as the standard for the electronic exchange of data in these fields. It allows financial concepts to be identified unambiguously, along with the relationship between them and their grouping according to logic or for the purposes of presentation. This is represented formally in a taxonomy.

The EBA is responsible for developing and maintaining the COREP and FINREP taxonomies. Banco de Portugal is responsible for the process of collecting data (cases) from the institutions in Portugal and for ensuring the quality of data reported.

The following diagram presents the flow of information between institutions and Banco de Portugal.