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EU banks risk not being ready for their first CRD IV filing


 
PRLog - Jan. 10, 2014 - A survey released this morning reveals that 23% of EU banks and investment firms due to report COREP in June 2014 were forecasting 5 months or more to be ready to file. An additional 47% were forecasting 3-4 months which also leaves little margin for error when rolling out new reporting processes and technology that invariably take longer than anticipated to implement.

Worryingly the survey also revealed that 39% of firms still don't perceive any urgency when it comes to preparing for the new reporting requirements.

The survey which was conducted with over 300 banks and investment firms across the EU discovered that respondents in France thought they'd take the longest to get ready (all 5 months or longer) whereas Norway, Ireland and Spain topped the charts with their lack of emphasis on the urgency of preparations for the new regulatory reporting requirement.

Institutions are required to comply with the new CRR requirements starting from 1st January 2014. The first quarterly COREP reporting will be for the period ending 31st March 2014 with the actual filing being due to the NSA in June. The ITS relating to financial information (FINREP) will apply as of 30th September 2014 in order to provide a sufficiently long implementation period.

The full survey report is available at http://www.arkksolutions.com/crdiv-survey/

About Arkk Solutions

Arkk Solutions has been working with XBRL since its first use in regulatory reporting in the UK, over 4 years ago. In that time the business has grown to be the trusted provider of many firms in the UK and Ireland.

All our products are designed to seamlessly work with Excel, which ensures productivity from day one with no lengthy training of staff.

Contact
Arkk Solutions
442073652758
ani.nacheva@arkksolutions.com

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Source:Arkk Solutions
Country:United Kingdom
Industry:Finance, Technology
Tags:COREP, FINREP, CRD IV, financial regulation
Last Updated:Jan 10, 2014
Shortcut:prlog.org/12266232
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