9/21, 1:02 PM (Source: TeleTrader)
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ECB recommends reducing banks' reporting costs

The European Central Bank (ECB) published on Monday a proposal to help cut European banks' reporting costs.

"The European System of Central Banks’ (ESCB) report proposes to reduce the reporting burden for banks in the fields of statistical, resolution and prudential reporting without losing the information content that is indispensable to monetary policy, resolution and supervisory tasks," the report explains.

The ECB suggested several changes that can lower reporting costs, namely using a data dictionary that allows modeling based on the same statistical standards, "smarter procedures" and increased cooperation between European institutions and the banking industry.

Breaking the News / AM