The European Banking Authority (EBA) has published XBRL taxonomy for remittance of data under the Implementing Technical Standards (ITS) related to supervisory reporting. Uniform data formats are central to the exchange of reported data within the EU banking sector facilitating its regulatory harmonisation and cross-border supervision.
The XBRL taxonomy shows major advantages for the EU banking sector:
- The supervisory practices between Member States are more efficient and their convergence is increased;
- The regulatory compliance for credit institutions and investment firms in Europe is of a higher efficiency and shows lower costs.
Further information can be found on the EBA Supervisory Reporting section.