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Secrétariat général de la Commission bancaire
COREP - FINREP - XBRL
The French Banking Commission approach
Sylviane DELARUE
Head of IT Department
Jerome POUPARD
IT Expert
SGCB
COREP
COREP- -FINREP
FINREP- XBRL
- XBRL
COREP- FINREP- XBRL
The French Banking Commission approach
1 • A French European based project
2 • Large and open consequences on IT systems
3 • French taxonomies
4 • The French Banking Commission COREP-FINREP
project : « COFINREP »
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COREP - FINREP - XBRL
1. A French European based project
• XBRL taxonomies built by the CEBS for COREP and FINREP
will be essential in order to create a common framework,
because they include :
– A vocabulary common to european supervisors elaborated
on the basis of official european regulations and
– A common « grammar » through its « Linkbases ».
• XBRL allows for a european flexible approach, including
national specific elements
• European taxonomies will constitute a common framework, to
which elements :
can be added extension
or from which elements can be inhibeted restriction
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COREP - FINREP - XBRL
1. A French European based project
• Two european initiatives were taken to this endeavour :
– A common reporting for a common solvency ratio (COREP –
COmmon REPorting)
CRD Directives
14 June 2006: final adoption of Directives 2006/48/CE et 2006/49/CE
June 2006: French text transmitted for approval after a common work
with the banking industry
COREP
13 January 2006: CEBS publishes COREP templates => http://www.cebs.org/standards.htm
28 June 2006 : Banking Commission examines the project of COREP
« rules » to be adopted once the final text introducing CRD in the
French legal framework will be adopted.
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COREP - FINREP - XBRL
1. Un projet européen décliné au niveau français
– A common « prudential » reporting for banks consolidated
accounts in IFRS (FINREP, FINancial REPorting)
European regulation of direct application in France
European reporting published by the CEBS on 16 December 2005
=> http://www.c-ebs.org/standards.htm
Discussion with the banking industry on the French reporting during
the first half of the year
Adoption of the French rules by the Banking Commission on 28
June
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2 • Large and open consequences on IT systems
• The French Banking Commission decided to make it mandatory for the
banks to transmit their COREP and FINREP reports, using the XBRL
standard for reasons of efficiency and cost.
• Therefore we intend to run, in a first stage, two parallel information
systems : COFINREP and BAFI
• Possible since :
Relatively few common data between the new reportings and the
present data base
COREP and FINREP are new and would have, in any case, needed
important and complex developments in the old system
This situation will not hinder the supervisors’ work
• However, we will need to run data exchanges between both systems
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COREP - FINREP - XBRL
2 • Large and open consequences on IT systems
BAFI
Civil statuts data
Financial
Institution
Information
System
Prudential and accounting
Reporting
Input
Output
Configuration
Accreditation
Bâle II
Inside
applications
CB/BDF
SIGNECB
COREP Instances
IFRS
FINREP Instances
Data
Control
and
management
Data
mining
XBRL
Taxonomy management
Accreditation
COFINREP
SGCB
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COREP - FINREP - XBRL
2 • Large and open consequences on IT systems
• The working relation between banks and the BC will change only
marginally :
The General Secretary of the Banking Commission will provide
the banks with the adapted French version of the european
taxonomies
The financial agent will be able to fully use them with them help
of « technical guides »
The financial institutions concerned will transmit their reports
(instance documents according to XBRL vocabulary) XML/XBRL,
via the usual data transmission means
After verification of data quality, anomalies will be restituted to
each institution
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3. Création des taxonomies françaises
• Study of the European taxonomies validated by the CEBS
• Study of the CB regulations document
• Comparison of the sets of information: between the templates of the
European taxonomy and the CB templates (adopted or presented)
in order to gather all the differences.
• Some templates and information will be added
• Others will be prohibited
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3. Création des taxonomies françaises
• Creation of the French extension on the base of the European
taxonomies (for FINREP as well as COREP) that will act like a filter
in order to create the French taxonomies
• All the labels of concepts coming from the European taxonomies will
be translated into French
• Creation of the French specific concepts (with an English and
French label)
• Internal validation of the taxonomies with the help of our tools.
(formalism and standards)
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3.Création des taxonomies françaises
• The taxonomy, with the « approved » status, will be accessible on
the BANQUE DE France website (under the supervision part:
« Reporting XBRL ») for the profession to make a feed back. At the
same time a information « push » will be sent to the financial agents’
correspondents
• Gather of the feedbacks (or remarks)
– Via mail on our common mail box
– Via our web site
• Depending on these responses, we will eventually modify the
taxonomy to the point it may need a new full cycle of validation
• The final taxonomy will be on the BDF website with the
« Published » status
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3.Création des taxonomies françaises
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3.Création des taxonomies françaises
• The following documentation will be available as well as the
taxonomy:
– Printout of all the concepts used in the French taxonomy.
– Reference note:
• For all the European elements (link to the CEBS website)
• Links to the French regulations (link to the Banque de France
website)
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3.Création des taxonomies françaises
• First XBRL reporting :
– COREP and FINREP are to be sent for the 30/06/2007
– A four month delay will be accepted as it is the first emission
(see: the annex on delivery dates).
• A test platform will be available to the financial agents on January
2007. They will be able to verify their instances and get a complete
report containing any anomalies encountered.
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4 • The Banking Commission project : « COFINREP »
French taxonomy
definitions
Launch
T
A
Taxonomy editing tool
delivery, getting started
and training
Taxonomy extensions
Professional’s
Feed back
Validated
taxonomies
Taxonomy finalization
X
O
N
O
Project management and supervision
M
Y
01/2007
First draft
European
taxonomies
01/2006
SGCB
Final version european
Taxonomies & Beginning
of French taxonomies
09/2006
Taxonomies
available for the
professional public
10/2006
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COREP - FINREP - XBRL
4 • The Banking Commission project : « COFINREP »
Some figures :
•
•
•
•
•
•
•
•
•
•
•
COREP:
between 600 and 650 liable entities :
19 tables that is to say about 14000 data in total with :
1100 data with a possible postponement
8300 data asked in standard approach and 6000 in IRBA approach.
FINREP:
About 80 liable entities
42 tables (in 27 "documents") that is to say 1895 data.
About 280 supervisors and inspectors.
• 4 taxonomy managers
• IT team :
• supplier : between 5 and 10 persons depending on phases of the projet
• internal IT team : between 4 et 6 persons depending on phases of the
project.
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4 • The Banking Commission project : « COFINREP »
• Choice of a generic software :
– Very short deadlines,
– Use XBRL as far as possible
• Legal process for open tender :
– Research of software solutions : september 05,
– Open tender : the 7th of december 05,
– Emission of specifications by the BC : the 3rd of february 06,
– Choice of solution : may 06
• The chosen software meets 60% of users requierements in the basic version
• The 40% of specific developments are taken in charge by the supplier
• The solution (software and materials) is easy to integrate into the existing
production lines at BDF.
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4 • The Banking Commission project : « COFINREP »
• Scope of the project : :
– French taxonomies management (creation, extension, restriction,
update, publication)
– reception management (COREP and FINREP reportings with xbrl
format)
– electronic signature of the instance documents
– habilitations and reference data management
– Controls of the receipts
– reminders in case of anomalies or lateness of data
– synthesis and reporting for the needs of the supervisors
– interface with the others systems of BDF
– Automatisation of the processes
SGCB
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4 • The Banking Commission project : « COFINREP »
Financials institutions (submitters)
BACKEND
- Taxonomy creation
- Instance management
Instance
Document
Instance
Document
Instance
Document
Instance
Document
INTRANET
EXTRANET
- Taxonomy published
- Intances workflow
Receipt Management
Taxonomy
Reception
Management
Taxonomies
Instance
Document
Instance
Document
Databases
servers
Taxonomy
management
Taxonomy
control
Corporate Directory
Server: BAFI …
Taxonomy
Mistakes/Errors
Habilitations
Reference data management
SGCB
Reporting
synthesis
• Conception
• Reporting
calculation
Control and
storage
Amounts ctrl.
BAFI/COFINREP
Comparision
Taxonomy
Reporting
Extraction
COFINREPReporting
Errors
Reporting synthesis
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COREP - FINREP - XBRL
4 • The Banking Commission project : « COFINREP »
– The solution integrates the XBRL format into the total
production line :
– The XBRL instance documents (sent by the financial
institutions) are receipted and then controlled and
stored in xbrl format
– The synthesis and calulated reportings are directly
built from the xbrl instance documents (via XSLT)
– The outputs (extraction for sending data to IEDOM for
example) are possible in XBRL
– This approach allows the IT information system
COFINREP to fully use this format benefits ; which
are the interoperability and extensibility.
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COREP - FINREP - XBRL
4 • The Banking Commission project : « COFINREP »
Delivery modularization :
- Unique signature per emitted file
- A file may contain, if needed, any amount of XBRL instances (COREP
and/or FINREP)
A simplified instance format;
- The instances contain a single CIB (Banque identifier), a single
taxonomy, a single date and a single monetary value.
- The different dimension necessary for a template are to be delivered in a
single instance. (For example; COREP’s Template CR and it’s exposure
classes)
- For FINREP, in regards of it’s current structure, all data describing a
certain date will have to sent in the same instance
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4 • The Banking Commission project : « COFINREP »
A COFINREP delivery is structured around:
- A single XML file
- A electronic signature envelop
- A element regrouping all the different header element
- Header elements containing information necessary for the
identification of the instance, and a single XBRL instance
- XBRL instances
The XBRL instances will have to be compliant;
- XBRL 2.1
- Aggregation 1.0
- Dimension 1.0
- French taxonomy
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4 • The Banking Commission project : « COFINREP »
Electronic signature
Group of header
Header
Header
Header
XBRL
XBRL
XBRL
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4 • The Banking Commission project : « COFINREP »
The XBRL instances will go through the following steps:
- Verification of the signature and the habilitations
- The received file will be divided in single XBRL instances
- Validation of each XBRL instance against the different normes asked by
the Commission Bancaire (XBRL 2.1, French taxonomy…)
- Controls with existing data (from BAFI) and with other XBRL instances
- Daily batch to check the coherence and progress of delivery sets
- A delivery status report including anomalies will be sent to each financial
agent
- Data processing to create reports in XBRL. The technology XSLT will be
used for the visual display
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4 • The Banking Commission project : « COFINREP »
Launch
P
Validation
Go live
Portal V1
Go live
Portal V2
Global
conception
O
Portal V.1
R
T
Portal V.2
A
L
06/2006
07/2006
06/2007
01/2008
Project management and supervision
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4 • The Banking Commission project : « COFINREP »
• All the technical components of COFINREP
portal are known and used into the existing
production lines of BDF :
– Server : Windows/Unix
– SGBDR : Oracle in environment Unix
– Middleware SQL*Net for the standard accès to
Oracle bases
– Server WAS (Websphere Application Server)
– The system management is centralized.
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4 • The Banking Commission project : « COFINREP »
QUESTIONS ?
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COREP - FINREP - XBRL