2.10.2024 - Summary of minutes

Place: Microsoft Teams

Present: Officials of the Bank of Finland (BoF). Industry representatives from OP Financial Group, Savings Banks' Union Coop, Nordea, S-Bank and ALM Partners.

1. Contents of the STC's meeting

• IReF is a very expensive project also within the ESCB
  
  • Therefore, the ECB's top management gave an assignment at the ECB to prepare alternatives for phasing IReF and making it lighter to reduce complexity and risks, and therefore costs
• The IReF programme office has developed alternatives for phasing, which have been evaluated by the national central banks.
  • Statistical requirements are combined into a single regulation
    • The IReF Regulation will directly provide how NCBs are to collect data
    • Data collection by loan and security under IReF will be granular, similarly to AnaCredit and the sector module of the SHS
    • As regards natural persons, there are two probable alternatives:
      • Granular data collection without counterparty identification; i.e. only collecting attributes necessary for BSI, MIR and FinRep solo level
      • Aggregated data collection
  • Conceptual harmonisation
    • A longer-term objective is to harmonise supervisory reporting and resolution reporting with statistical reporting
      • Harmonisation of IReF requirements with FinRep solo-level requirements is likely going to be rather extensive already in the first phase
  • Maximum harmonisation
    • Everything will be done in a common way, i.e. the data collection will be exactly similar regardless of the NCB
    • The common platform will be ETS (European Target Solution) under CDM
    • The minimum period for parallel reporting is 6 months and the maximum period is 24 months. If data quality is still inadequate after 24 months, parallel reporting could be extended by 12 months
    • For AnaCredit and SHSS data, another alternative is that the end of parallel reporting is not contingent on the quality level. Furthermore, it is possible that the maximum parallel reporting period for these data would be shorter than for BIS and MIR dataIReF's key principles:
  • FinRep integration
    • If IReF is successfully aligned with FinRep, it is possible to propose a limitation of the scope of FinRep to reduce the collection of overlapping data

2. Closing of the meeting

• The next meeting will be a physical attendance meeting at the Bank of Finland.
• The date will be in 2025 since a RATI–LuoTi info is being planned for the turn of November-December.