Single Resolution Board (SRB) reports to BaFin will be accepted exclusively in XBRL format from 30.06.2021 onwards
The Single Resolution Mechanism (SRM) of the European Banking Union provides uniform rules for the resolution or recovery of European banks. The experience of the 2007 financial crisis and the measures derived from it are intended to ensure that future negative developments can be identified and mitigated in advance. The SRM thus ensures an orderly resolution of failing banks with minimal impact on the real economy, the financial system and the public finances of the participating member states. In order for the SRM to fulfill its mission, regular data collection by the respective national and international supervisory authorities is necessary.
In 2021, the bank financial supervisory authority (BaFin), as the National Resolution Authority (NAB), has committed exclusively to XBRL as the format for receiving the required information in accordance with the EBA reporting forms. While these reporting requirements could also be served using Excel in previous years, this hybrid format has now finally been replaced in favor of XBRL reporting.
However, relevant institutions subject to reporting requirements still have the option of submitting the MREL report as unstructured data to the national supervisor BaFin until June 30, 2021. From this date on, the supervisory authority expects your institutions to also submit the data in a structured form. We are happy to support you in this with our AMANA Cloud tool.
The XBRL taxonomies (so-called entry points) to be reported depend on the size and orientation of the respective supervised bank:
For the Significant Institutions (SI) jurisdiction, the taxonomies published by the Single Resolution Board (SRB) with the entry points LDR, CFR, FMIR, LDR are to be reported.
For the Less Significant Institutions (approx. 6,000), the Resolution Reporting Taxonomies (RESOL IND, RESOL CON) published by the EBA are to be used.
The National Resolution Authority BaFin receives all XBRL instances via its MVP portal and acts as an intermediary for forwarding to EBA or SRB and ECB.
In addition to the superior data quality and better comparability, the reason for the final choice of the XBRL format was probably also the simpler data exchange between the institutions.
Our solution for integrated XBRL reporting
With our XBRL portal, you can easily create any type of XBRL report, including of course the resolution planning reporting requirements. The AMANA XBRL Engine, certified by the XBRL Association, ensures that all generated XBRL reports meet the current XBRL standard and always comply with the validation rules required by BaFin.
Use our XBRL portal to enter data directly "at the source".
The integrated live validation saves valuable time and enables a speedy submission and completion of the process. Any queries to the authority are thus avoided in advance.
Contact us and create a free XBRL report!
- Richard Bössen
- T +49 201 94622 800