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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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COREP - FINREP - XBRL
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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COREP - FINREP - XBRL
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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COREP - FINREP - XBRL
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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COREP - FINREP - XBRL
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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COREP - FINREP - XBRL
3.Création des taxonomies françaises
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COREP - FINREP - XBRL
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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COREP - FINREP - XBRL
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 :
•
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•
•
•
•
•
•
•
•
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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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COREP - FINREP - XBRL
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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COREP - FINREP - XBRL
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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COREP - FINREP - XBRL
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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COREP - FINREP - XBRL
4 • The Banking Commission project : « COFINREP »
Electronic signature
Group of header
Header
Header
Header
XBRL
XBRL
XBRL
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COREP - FINREP - XBRL
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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COREP - FINREP - XBRL
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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COREP - FINREP - XBRL
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4 • The Banking Commission project : « COFINREP »
QUESTIONS ?
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COREP - FINREP - XBRL