AnaCredit is just the beginning of a new age of reporting requirements: Statistical reporting requirements will become more and more granular following ECB’s long-term objective “collect data only once” and taking into consideration ESCB initiatives like the “Banks integrated reporting dictionary” project (“BIRD”). With respect to the importance of those developments for the whole financial industry in Europe, we conducted a Euro area-wide benchmark study to determine the impact of AnaCredit on existing processes and systems as well as the costs and key challenges within financial institutions.
The key messages as a result of our survey can be summarised as follows:
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