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COREP & FINREP XBRL projects update
Ignacio BoixoCOREP XBRL Project CoordinatorXBRL Spain. ManagerBank of Spain. Int’l IT Projects Mngr.
V European Banking Supervisors XBRL Workshop
Madrid, 2006-05-18
2
Agenda
1. CEBS public statement about XBRL
2. XBRL implementation model
3. Project timeframes
4. COREP & FINREP today
5. Next Steps
3
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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Basel II, IAS/IFRS …
EC 1606/2002, 12/2000, 6/93…
Country 1
FSA 1
Report 2Report 1
------------------------------------
Country 3Country 2 Country 25
FSA 2 FSA 3 FSA 25
Report 25
----------------------------------------------------------------------------------------------------------------------------------------------------------------
Report 3
----------------------------------------------------------------------------------------------------------------------------------------------------------------
National Regulation
Transposition into national Legislation
European Law9X,XX% best practices + EU requirements
National Implementation
XBRL challenge!
Flexibility Principle
Global best practices
5
Pillar ICapital
COREP TemplatesToday
Pillar ICapital
COREP concept: extension
Pillar II Supervision
Pillar IIIMarket
COREPvs. Pillars
COREPvs. Pillars
Future templates?Future templates?
6
COREP concept: extension
Largereport
Mediumreport
Smallreport
Customreport
COREP superset of reports
COREP superset of reports
Depending on the national requirements each country will determine a framework and a level of detail.
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COREP concept: template
Dimension 2
Dimension 1
Dimension 3
Dimension 4
Measure MeasureMeasure Measure
Template:
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COREP concept: Data Matrix
EXPOSURE TYPES
STANDARD APPROACH CAPITAL REQUIREMENTS
EXPOSURE CLASSES
All the dimensions are optional!
9
Customisation of Labels: I
meaningful names of the items to be reported are used in reports to hide the technical name
English labels German labels
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CEBS XBRL: IT implementation model
Bank
Bank Management
OperationsCounterparties
Collateral…
Report
XBRL------------------------------
Supervisor
Supervision
ReportsOther data
…
to XBRL
Taxonomy XBRL
Errors
Internet
fromXBRL
INDUSTRY
Didactic model for explanatory purposes only
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CEBS XBRL EU: implementation model
Bank
Bank Management
OperationsCounterparties
Collateral…
Report
------------------------------
Supervisor
IS Supervisory
ReportsOther data
……
Presentation, Analysis…
Bank operations, controls….
Basel IIIAS/IFRS
App.
to XBRL
from XBRL
Basel IIIAS/IFRS
App.
Report
------------------------------
File Transfer (National)
XBRL (Europe)
XBRL (National)
ErrorsErrors
Internet
XBRL National implementation
XBRL core
Basel IIIAS/IFRS
Basel IIIAS/IFRS
Didactic model for explanatory purposes only
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COREP implementation: Banks
Bank 1
International Bank
ASP provider
Banking Supervisor
Stock Ex. Supervisor
Country Z Supervisor
Bank 2
Bank 3
Bank n
XBRL Reports
Basel II
IAS/IFRS
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
13
Opportunity window
Too early
Too late
Operational:Basel IIIFRS/IAS•••
Establishing:CEBSXBRL EU•••
20042003 2005 2006 20072002 2008
Today!
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COREP & FINREP prerequisites completed √
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.
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.
15
COREP steps
Organization
04-09-23
Preliminary Workshop
05-04-25
Boston Conference
05-09-15
3rd Workshop
05-11-07
Tokyo Conference
05-04-18
2nd
Workshop
05-02-17
Kick off 1st Workshop
Proof of concept
Preliminary version 0.6.1
Tools
Production version 1.0
06-01-30
4th
Workshop
06-05-18
5th
Workshop
Tuning
06-03-1005-02-17
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FINREP steps
06-01-30
Kick off 4th Workshop
Internal version 0.24
Public version 0.24
06-09-XX
6th
Workshop
06-05-18
5th
Workshop
Tuning
Production version 1.0
17
COREP & FINREP TODAY
XBRL Tools:
Updated to Dimensional Specification.
Please ask for demos at the exhibition area.
COREP:
Taxonomy & Documentation publishedPublic & Quality review => Next Improvements?Starting International acknowledgment
FINREP:
Project team working actively.
Results in this Workshop.
18
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, French Banking Commission
Marc Pickeur, EGFI reporting Chair, Belgium Banking Commission
Kurt Ramin, XBRL Int’l Chair, International Accounting Standards Committee
Federico Florez, XBRL Spain CEO, Bank of Spain CIO
FINREPGiancarlo Pellizzari – Belgium CBFA
Patrick Amis – French Banking Commission
Jacobo Varela – Bank of Spain
Mark Creemers - National Bank of Belgium
19
COREP project team
Full time developers
Katrin Schmehl – Bundesbank
Daniel Hamm – Bundesbank
Panagiotis Voulgaris – Bank of Greece
Magdalena Llano – XBRL SpainSupport
Ignacio Boixo – Bank of Spain Project Coordination
Michele Romanelli – Bank of Italy Data Modeling
Fernando Wagener - Bank of Spain Data Input & Mapping
Walter Hamscher – PwC & XBRL Strategic Consultant
Fernando Navarrete - Bank of Spain Business Relationship
Olivier Servais – XBRL in Europe Workshops & dissemination
Ignacio Hernández-Ros – XBRL Int’l Dimensions & Implementation
And many many more….
20
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 SeattlePhone number: +34 91 398 3857 Conference ID: 563 483
21
CEBS XBRL flows
CEBS XBRL
Development & Maintenance
Business
National Supervisor Project Office
Support
Guidance Requirements
Solutions
22
COREP Intellectual Property
Copyright: The COREP & FINREP XBRL Project version 1.0 deliverables will be protected by copyright, owned by the CEBS Secretariat Ltd.
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”
23
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 XBRL coordination among Supervisors is the critical success factor.
The real challenge is the real XBRL implementation
24
Thanks - Obrigado - Merci - Gracias Danke - Grazie - Ευχαριστίες - Спасибо
Pie
ter B
rueg
el
Th
e T
ow
er o
f Bab
el.
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