The CRR has a mandate for the EBA to develop implementing technical standards (ITS) specifying the reporting framework applicable throughout the European Union, in order to achieve greater harmonization across institutions and countries.
In compliance with that mandate, the EBA published a number of ITS specifying the so called FINREP statements, which later would result in the adoption of Regulation 680/2014 of April 16, 2014 by the Commission.
In order to adapt the content of public financial information and of reserved information to FINREP, the Bank of Spain issued Circular 5/2014. In addition, this standard also aims to incorporate the new statistical information and supervisory information requirements the Bank of Spain must provide to the European Central Bank.
The new circular modifies the following Bank of Spain circulars:
However, the analysis carried out in this document refers only to regulatory changes to Circular 4/2004.
The technical note prepared by Management Solutions’ R&D department contains an executive summary and an analysis of this standard as well as the main implications the implementation of this framework will have for banks.
Circular 5/2014 introduced amendmentsot Circular 4/2004 in relation to risk analysis and coverage, methodology for calculating provisions and reporting.
Scope of application
Download the technical note by clicking here (only in Spanish)
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