AnaCredit

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AnaCredit stands for Analytical Credit Datasets and is a granular statistical credit reporting system, the implementation of which the European Central Bank ordered on May 18, 2016. It is a new regulatory requirement for all European banks . In a first stage from September 2018, these must report detailed data on all loans with a volume of more than € 25,000 that are granted to a non-natural person to the respective national central bank . The resulting database is intended to help the ECB in the performance of its tasks.

history

The AnaCredit project was initiated in 2011. The aim was to define a regulation that queries granular data on individual loans, but does so in such a way that the costs for the banks are weighed against the benefits for the ECB. The collection of statistical data is one of the tasks of the ECB , but so far there have been no uniform rules at European level for collecting data on individual loans. Some countries in the euro zone already had comparable regulations, but these national credit databases were sometimes very different in size.

The main stages of the project were the resolution of the European Central Bank of February 24, 2014 and the publication of a draft for the regulation in December 2015. The resolution of 2014 defined the framework of the project: The national central banks should set up credit registers while the ECB builds a common credit database. These databases should have the same size. As a result, the exact data requirements in particular had to be determined. This resulted in the 2015 draft. This provides 94 attributes and 7 different IDs that must be specified for each relevant loan. Although not legally obliged to do so, the ECB gave the opportunity to react and comment on the draft until January 2016.

On May 18, 2016, the ECB Council finally decided on the envisaged requirement. Only a few changes were made to the 2015 draft. So only 89 attributes and 6 identifiers are queried. The most important change is a shift in the schedule by 6 months. The first report of master and credit data must now be made by September 2018.

Content of the resolution

Regulation obliges

  • Institutes based in the euro zone
  • Foreign banks with a branch based in the euro area

It obliges to report data to the respective national central bank at the level of individual financial instruments, if

  • the sum of all loans of a debtor at the respective institute is greater than or equal to € 25,000
  • at least one debtor is a legal person
  • the financial instrument in question creates a credit risk in any way (generally AnaCredit is about ordinary loans)

The resolution tries to avoid duplicate reports by providing rules in the event that both the headquarters and a foreign branch are located within the euro zone.

The data can be divided into the following categories:

  • Counterparty Reference Data : Identification of the counterparty, preferably via the LEI , address, size, number of employees, total assets, etc. a.
  • Instrument Data : ID for both parties, the deal and instrument, instrument type, currency, payment frequency, etc. a.
  • Financial data : interest rate, cash flows, type of security, etc. a.
  • Counterparty-instrument Data : Role of the counterparty for the business
  • Joint Liabilities Data : Amount of related obligations
  • Accounting data : relevant accounting standard and classification of the instrument, depreciation, rating according to the respective standard
  • Protection received data : Type and amount of protection, IDs of the person protecting
  • Instrument-protection received data : protection amount already made available
  • Counterparty-risk data : probability of default of the counterparty
  • Counterparty-default data : default status of the counterparty

The reports of the data must be made on a monthly or quarterly basis, depending on the category. The schedule now looks like this, after a shift of 6 months:

  • From March 2018, the institutes are obliged to report so-called counterparty reference data
  • From September 2018, all data fields must be used
  • Test reports to the central banks will be possible from December 2017. They are intended to help both those subject to the reporting obligation and the central banks to enable a smooth process for the mandatory start of reporting
  • In a possible second stage, AnaCredit could be extended to all loans, including those from private individuals. There is currently no time frame for this

AnaCredit gives the national central banks a certain leeway in some areas. That makes sense because the conditions in the countries look different. In some countries there were already credit registers that were even more comprehensive than AnaCredit requires, in other countries nothing of the kind exists. The Bundesbank is expected to publish the German version in August 2016.

AnaCredit from a reporting point of view

AnaCredit places a significant burden on reportable banks. However, the immediate benefit lies with the central banks and regulators. In future, AnaCredit should lead to a harmonization of the credit reporting system. This could relieve the credit industry insofar as data is only requested once. Existing reporting obligations could be reduced, but there are no specific plans yet. For the time being, the data is not made available to the reporting banks or even publicly (so-called feedback loop ). Such a system exists in Germany on the basis of the multi-million euro credit reporting system, a national reporting requirement under the KWG . The ECB decision contains rules for setting up a feedback loop; the national central banks are free to set up one. Access to such a large database would be of great benefit to the risk management of smaller institutions.

The desired synergy effects can currently be used in the context of implementation projects. It makes sense to combine AnaCredit with other current major projects. One example is the introduction of the new accounting standard IFRS 9 , which already requires interlinking with AnaCredit.

Individual evidence

  1. ↑ German Bundesbank - AnaCredit . German Bundesbank. Archived from the original on May 31, 2016. Retrieved May 31, 2016.
  2. ↑ What is AnaCredit? . European Central Bank. Retrieved May 31, 2016.
  3. ↑ Decision of the ECB on the organization of preparatory measures for the collection of granular data on loans by the European System of Central Banks (ECB / 2015/06) . European Central Bank. Retrieved May 31, 2016.
  4. ↑ Draft ECB Regulation on the collection of granular credit and credit risk data . European Central Bank.
  5. ↑ Regulation on the collection of granular credit and credit risk data (ECB / 2016/13) . European Central Bank. Retrieved May 31, 2016.
  6. ↑ Overview of AnaCredit . German Bundesbank. Archived from the original on May 31, 2016. Retrieved May 31, 2016.
  7. ↑ Regulation on the collection of granular credit and credit risk data (ECB / 2016/13) . European Central Bank. P. 8, Art. 3.1. Retrieved May 31, 2016.
  8. ↑ Regulation on the collection of granular credit and credit risk data (ECB / 2016/13) . European Central Bank. P. 9, Art. 5.1. Retrieved May 31, 2016.
  9. ↑ Regulation on the collection of granular credit and credit risk data (ECB / 2016/13) . European Central Bank. Pp. 8–9, Art. 4. Accessed May 31, 2016.
  10. ↑ Regulation on the collection of granular credit and credit risk data (ECB / 2016/13) . European Central Bank. P. 9, Art. 6. Accessed May 31, 2016.
  11. ↑ Regulation on the collection of granular credit and credit risk data (ECB / 2016/13) . European Central Bank. Pp. 17-25. Retrieved May 31, 2016.
  12. ↑ Regulation on the collection of granular credit and credit risk data (ECB / 2016/13) . European Central Bank. P. 7–8, Art. 2. Accessed May 31, 2016.
  13. ^ Ana Credit - European and National Timetable . German Bundesbank. Archived from the original on May 31, 2016. Retrieved May 31, 2016.
  14. ↑ Whitepaper: AnaCredit, Loan Exposures and regulated IFRS 9 . CVA Services GmbH. S. 3. Accessed May 31, 2016.
  15. ↑ Benefits of AnaCredit . German Bundesbank. Archived from the original on May 31, 2016. Retrieved May 31, 2016.
  16. ↑ Regulation on the collection of granular credit and credit risk data (ECB / 2016/13) . European Central Bank. S. 11, Art. 11. Accessed May 31, 2016.
  17. ↑ Whitepaper: AnaCredit, Loan Exposures and regulated IFRS 9 . CVA Services GmbH. P. 2. Accessed May 31, 2016.

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