Ireland to collect resolution information in XBRL

Posted on October 28, 2022 by Editor

The Central Bank of Ireland (CBI) affirms that Bank and Investment Firm Resolution Fund (BIFR) reporting is switching to XBRL. This fund was established by the Bank in 2015 to provide for resolution actions in the event of a failure of a credit institution or investment firm, excluding larger institutions that fall under the scope of the EU’s Single Resolution Board – which also collects data in XBRL.

A BIFR reporting form enables the CBI to calculate contributions from each institution. From January 2023 this must be completed in XBRL, replacing the previous Excel format, and submitted via the CBI’s online reporting system. A preliminary XBRL taxonomy for the 2023 BIFR contribution period is now available.

Read more here.

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