Standardised Credit Scores for Spanish SMEs put into effect
The Bank of Spain has put into effect regulations for providing a standardised bank credit score to SMEs. The score is based on XBRL company filings from the business registrar combined with benchmark data about the performance of the relevant individual business sector from ECCBSO (a database containing harmonized annual accounts statistics of European non-financial enterprises).
This project was the topic of several presentation over the last 6 months, including by the Association of Registrars, and by XBRL Spain, which walked through the excel tool used to generate reports. XBRL Spain is planning an event to explain the module in greater detail. Those interested may email XBRL Spain at firstname.lastname@example.org.
Congratulations to all the parties involved in bringing this important initiative to fruition. The rule goes into effect on 11 October 2016. The Banco de Espana circular is available here (in Spanish)