Loan issuers need to step up and improve their data quality
as the European Commission and the European Central Bank (ECB)
are stepping up oversight and enforcement in the area.
"The European Commission is currently carrying out a fitness
check of supervisory reporting requirements in the financial
sector," a Commission official told IFLR. "The aim is to
streamline and improve the overall consistency of the EU
supervisory reporting framework requirements while ensuring
high quality of data to help authorities achieve their
supervisory objectives in a more effective and efficient way.
Financial identifiers can play an important role in this."
Increased action from the EU
institutions will be via the AnaCredit (analytical credit
datasets) project, which contains information on individual
bank loans in the region at the end of last month, and the
upcoming Securities Financing Transactions Regulation (SFTR),
expected to be enforced late 2019.
"Standards need to evolve because things...