The Committee of European Banking Supervisors has
decided to achieve a common solvency ratio reporting
framework, called COREP (Common Reporting),
for credit institutions and investment firms under
the future EU capital requirements regime. The work
is primarily focused on regulatory own funds and Pillar
I capital requirements, credit risk, operational risk
and market risk. The aim is to reduce the reporting
burden on firms and encourage an increased level playing
field across Europe.
Please visit www.c-ebs.org
CEBS also intends to provide a XBRL taxonomy for the
supervisory solvency reporting. The work is supported
by leading European XBRL experts of various XBRL jurisdictions
and is expected to be finished by end of June 2005.
This provision is not intended to prejudice any national
decisions about the means of reporting transmission.
National supervisors – in consultation with
their industry- will be free to choose whatever transmission
process or processes are to be used.
The Bank of Spain and the Spanish XBRL Jurisdiction
will take a coordination role, and host the initial
workshop in Madrid. This workshop is intended for
interested people and observers with expertise in
the matter. The main goal of the workshop is the elaboration
and agreement of a realistic project plan for the
development of the taxonomy. The available resources
have to be commensurate with the scheduled tasks,
and potential scarce resources will be locally provided,
if necessary.
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The main steps initially scheduled are:
a) Design the strategy and detail the project plan
b) Building taxonomy and test cases
c) Instances generation
d) Refine taxonomy and test cases
Three main tracks are envisaged:
1) Domain: Supervisors
and banking experts will define objectives and provide
guidance, and also they have to (a) elaborate a set
of test cases (b) generate instances and (c) validate
results. These tasks should be distributed among several
participants in different locations. No limit of participants
is envisaged in this track.
2) Specification:
XBRL experts will investigate the optimal XBRL strategy,
build the taxonomy and test the generated instances.
Portability to XML Schema and/or SDMX may be required.
A limited number of experts will form the core team
of this track.
3) Solutions: All
the aspects related with the set up of an useful taxonomy,
starting from scratch, have to be carried out in this
track. Topics as tools, website, training, developments,
information flows, and so on have to be addressed here.
Topics related with a suitable implementation of taxonomies
are other issue.
The workshop is scheduled by 7th February 2005. The
help of international XBRL leaders is awaited. A XBRL
training course for XML experts will take place by 3rd
February.
If you would like to attend the workshop, please contact
Ignacio Boixo at xbrl@bde.es,
phone (+) 34 91 3386452
Federico Flórez
Executive Director of XBRL Spain
Director of IS Department, Bank of Spain
www.xbrl.es
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