Transcript What is the COREP XBRL project?

V European Banking Supervisors XBRL Workshop
COREP & FINREP XBRL
projects update
Ignacio Boixo
COREP XBRL Project Coordinator
XBRL Spain. Manager
Bank of Spain. Int’l IT Projects Mngr.
Madrid, 2006-05-18
Agenda
1. CEBS public statement about XBRL
2. XBRL implementation model
3. Project timeframes
4. COREP & FINREP today
5. Next Steps
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CEBS public statement about XBRL
8. XBRL
National supervisory authorities are free to decide on
the technical aspects involved in implementing the
framework. CEBS considers, however, that XBRL
can be a helpful tool in constructing a standardised
European reporting system. CEBS will develop an
XBRL taxonomy, which will be made available
without cost to national authorities and supervised
credit institutions.
CEBS December 2005.
FRAMEWORK FOR CONSOLIDATED FINANCIAL REPORTING
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Flexibility Principle
Global best practices
Basel II, IAS/IFRS …
European Law
9X,XX% best practices + EU requirements
EC 1606/2002, 12/2000, 6/93…
Country 1
Country 2
Country 3
Transposition into
national Legislation
Country 25
National Regulation
FSA 1
FSA 2
FSA 3
FSA 25
National Implementation
Report 1
----------------------------------
Report 2
Report 3
Report 25
-------------------------------------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------------------------------------
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XBRL challenge!
COREP concept: extension
COREP
Future templates?
COREP Templates
Today
Pillar II
Supervision
Pillar I
Capital
Pillar III
Market
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vs. Pillars
COREP concept: extension
COREP
superset of reports
Custom
report
Sreport
mall
Medium
Large
report
report
Depending on the national requirements each country
will determine a framework and a level of detail.
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COREP concept: template
Template:
Dimension 2
Dimension 1
Measure
Dimension 3
Dimension 4
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Measure
Measure
Measure
COREP concept: Data Matrix
All the dimensions are optional!
EXPOSURE
TYPES
EXPOSURE
CLASSES
STANDARD APPROACH
CAPITAL REQUIREMENTS
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Customisation of Labels: I
German labels
English labels
 meaningful names of the items to be reported
 are used in reports to hide the technical name
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CEBS XBRL: IT implementation model
Didactic model for explanatory purposes only
Bank
Supervisor
Taxonomy
XBRL
Errors
Internet
Bank Management
INDUSTRY
to
XBRL
Operations
Counterparties
Collateral
…
Supervision
from
XBRL
Report
XBRL
-----------------------------
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Reports
Other data
…
CEBS XBRL EU: implementation model
Didactic model for explanatory purposes only
Basel II
IAS/IFRS
XBRL National implementation
XBRL
(National)
Basel II
IAS/IFRS
XBRL
(Europe)
Bank
Supervisor
Internet
Bank operations,
controls….
Presentation,
Analysis…
Errors
Errors
Bank Management
IS Supervisory
Basel II
IAS/IFRS
App.
Operations
Counterparties
Collateral
…
to
XBRL
from
XBRL
Report
----------------------------
Report
XBRL core
----------------------------
File Transfer (National)
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Basel II
IAS/IFRS
App.
Reports
Other data
…
…
COREP implementation: Banks
XBRL
Reports
Bank 1
Multiple implementation approaches:
•
Small banks may use Application Service
Provider -ASP- model, outsourcing technical
complexity
•
Banks may report all to all the Supervisors:
Basel II & IFRS, Banking & Stock Exchange…
•
International Banks may reduce supervisory
burden when reporting to different countries
Bank 2
Bank 3
ASP provider
Basel II
Bank n
Banking Supervisor
IAS/IFRS
International
Bank
Stock Ex. Supervisor
Country Z Supervisor
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Opportunity window
2002
2003
2004
2005
2006
2007
2008
Too late
Today!
Too early
Establishing:
CEBS
XBRL EU
•••
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Operational:
Basel II
IFRS/IAS
•••
COREP & FINREP prerequisites
completed √
16 Dec. 2005 CEBS GUIDELINES ON FINANCIAL REPORTING
CEBS has published guidelines establishing a standardised
financial reporting framework (FINREP) for credit institutions
operating in the EU.
31 Dec. 2005 Dimensions 1.0 (Candidate Recommendation)
The Dimensions 1.0 Specification is a modular, optional
extension to the XBRL 2.1 Specification which allows XBRL
taxonomy authors to define and restrict dimensional
information.
13 Jan. 2006 CEBS GUIDELINES ON COMMON REPORTING
CEBS has published guidelines on a common reporting framework
(COREP) to be used by credit institutions and investment firms
when they report their solvency ratio to supervisory authorities under
the Capital Requirements Directive.
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COREP steps
Preliminary
Workshop
04-09-23
Kick off 1st
Workshop
05-02-17
2nd
Boston
3rd
Workshop Conference Workshop
05-04-18
05-04-25
Tokyo
4th
5th
Conference Workshop Workshop
05-09-15
05-11-07
06-01-30
06-05-18
Organization
Proof of concept
Preliminary
version 0.6.1
Tools
Production
version 1.0
Tuning
05-02-17
06-03-10
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FINREP steps
Kick off 4th
Workshop
06-01-30
5th
Workshop
6th
Workshop
06-05-18
06-09-XX
Internal
version 0.24
Public
version 0.24
Production
version 1.0
Tuning
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COREP & FINREP TODAY
COREP:
Taxonomy & Documentation published
Public & Quality review => Next Improvements?
Starting International acknowledgment
FINREP:
Project team working actively.
Results in this Workshop.
XBRL Tools:
Updated to Dimensional Specification.
Please ask for demos at the exhibition area.
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Who is who
Chairmanship
Danièle Nouy, CEBS Chair, Secretary General French Banking Commission
José María Roldán, CEBS past Chair, Director General Bank of Spain
Pierre-Yves Thoraval, COREP past Chair,
Marc Pickeur, EGFI reporting Chair,
Kurt Ramin, XBRL Int’l Chair,
French Banking Commission
Belgium Banking Commission
International Accounting Standards Committee
Federico Florez, XBRL Spain CEO,
Bank of Spain CIO
FINREP
Giancarlo Pellizzari – Belgium CBFA
Patrick Amis – French Banking Commission
Jacobo Varela – Bank of Spain
Mark Creemers - National Bank of Belgium
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COREP project team
Full time developers
Katrin Schmehl – Bundesbank
Daniel Hamm – Bundesbank
Panagiotis Voulgaris – Bank of Greece
Magdalena Llano – XBRL Spain
Support
Ignacio Boixo – Bank of Spain
Michele Romanelli – Bank of Italy
Fernando Wagener - Bank of Spain
Walter Hamscher – PwC & XBRL
Fernando Navarrete - Bank of Spain
Olivier Servais – XBRL in Europe
Ignacio Hernández-Ros – XBRL Int’l
Project Coordination
Data Modeling
Data Input & Mapping
Strategic Consultant
Business Relationship
Workshops & dissemination
Dimensions & Implementation
And many many more….
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Collaborative Tools
www.corep.info
www.finrep.info
http://finance.groups.yahoo.com/group/XBRL-COREP/
Conference Call every Thursday.
Time: 16:00 CET, 15:00 London, 10:00 Boston, 07:00 Seattle
Phone number: +34 91 398 3857 Conference ID: 563 483
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CEBS XBRL flows
National Supervisor Project Office
Support
Solutions
Business
Requirements
Guidance
CEBS XBRL
Development & Maintenance
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COREP Intellectual Property
Supporting the royalty free use of XBRL on
COREP & FINREP, an Intellectual Property
Strategy has been implemented:
Pre-emptive measure in the IT world.
Trademark: CEBS Secretariat Ltd. has applied for
the names “COREP” & “FINREP”
Copyright: The COREP & FINREP XBRL Project
version 1.0 deliverables will be protected by
copyright, owned by the CEBS Secretariat Ltd.
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Challenge
The real challenge is not the development of
the taxonomy; a group of enthusiastic people is
ready to carry out this job, as it has been
demonstrated.
The real challenge is the real XBRL implementation
The XBRL coordination among Supervisors is
the critical success factor.
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Thanks - Obrigado - Merci - Gracias
Danke - Grazie - Ευχαριστίες - Спасибо
Pieter Bruegel
The Tower of Babel. 1563
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