Large banks start XBRL pillar 3 reporting
Europe’s biggest banks are now speaking XBRL when it comes to Pillar 3 disclosures. If you’re listed on a regulated market in the EEA, your prudential data is no longer a PDF that gathers dust. It has to be tagged, structured and submitted into the European Banking Authority’s new Pillar 3 Data Hub.
The aim is efficiency. Regulators can automate oversight, investors can benchmark with confidence, and banks can avoid the endless duplication of reporting the same figures in slightly different forms. Yet behind the tidy vision lies plenty of work. Data tagging, systems integration and training staff in the taxonomies are all part of the change process.
More institutions are next in line. With CRR3 extending the mandate to smaller and less complex banks from later this year, XBRL continues as the lingua franca across Europe’s banking sector. And it is not just finance. ESG disclosures and other regulatory streams have also been joining the XBRL based machine-readable club.
Banks that treat this new stream of XBRL reporting as a compliance headache will struggle. Those that embed it into their systems stand to cut costs, improve data quality and perhaps even get a head start in the race toward automated, standardised reporting.
Read more about it here.
