The European Banking Authority (EBA) is planning to take steps that will reduce supervisory reporting costs for smaller banks.
The EU region’s banking watchdog has identified 25 recommendations following a study on compliance costs related to supervisory reporting requirements.
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According to EBA, the recommendations can help the European Economic Area (EEA) banks reduce reporting costs by up to 15-24%.
Collectively, it will generate savings of €188m-€288m for small and non-complex institutions.
EBA will be implementing most of these recommendations as part of its efforts to enhance common EU supervisory reporting framework.
In a statement, EBA said: “The EBA will incorporate the recommendations into its work programme and implement them as part of the ongoing work, according to the availability of internal resources.
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By GlobalData“Certain recommendations would lead to specific policy products that will follow the usual policy development process, which includes seeking industry and other stakeholders’ views through the public consultation process.”
According to a Reuters report, the move will benefit more than 2,800 banks in the EU region.
Particularly, the recommendations address changes to the development process for the reporting framework as well as changes to the design of EBA supervisory reporting requirements and reporting content.
It also includes changes to the reporting process as well as coordination and integration of data requests.
