GBIC comments on the Draft EBA Guidelines on the resubmission of Historical Data

The European Banking Authority (EBA) has launched a public consultation on its draft Guidelines on resubmission of historical data in April 2023. Based on the results of the EBA's Cost of Compliance study for reporting (2020) the draft Guidelines aim at reducing costs by avoiding immaterial and unnecessary resubmissions. According to the draft guidelines, this is to be achieved by setting a time period limited to one calendar year for resubmissions prior to the current reporting date, depending on the reporting frequency.

GBIC points out that the proposed time period limit is to be welcomed in principle, but that further measures such as relative and absolute thresholds would be necessary to avoid unnecessary resubmissions in order to realise the estimated cost reduction by the EBA.