In advance of its takeover of bank supervision, the European Central Bank (ECB) proposed rules Thursday on regulatory reporting requirements for banks that aim to improve industry oversight.
The ECB published draft rules on new reporting requirements for banks today that aim to enhance supervision by closing gaps in the data that the regulators collect on the financial system.
The information covered by the proposals includes balance sheet items such as financial assets, non-performing exposures, and financial liabilities, as well as on income and expenses such as impairment due to credit losses. It proposes that the new reporting requirements would apply as of the end of 2015 for the region's large banks, with staggered implementation for smaller banks not taking place until mid-2017.
The ECB also said that it will hold a public hearing on the proposals on Nov. 13 at its offices in Frankfurt. The consultation is open until Dec. 4. The ECB officially takes over supervision of euro area banks in November.
Following the public consultation, the ECB will publish the comments received, along with an evaluation and its responses.