IReF and reporting
IReF for banks: planned pilot from Q2 2030 and official reporting from Q2 2031. How BIRD, AnaCredit and supervisory reporting differ, and how to prepare data.
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COREP and FINREP: differences and a shared data foundation
COREP principally addresses prudential risks and own funds. FINREP provides standardised financial information. Reliable reporting requires aligned definitions, sources and reconciliations.
In daily work
Separate their purposes
COREP means Common Reporting and FINREP means Financial Reporting. Both form part of supervisory reporting. A FINREP figure is therefore not simply a discretionary management metric. A COREP exposure is not automatically the accounting value of the same position either. Compare definitions, valuation bases and consolidation levels.
Overview
Understand the reporting content
Actual reporting obligations depend on applicable law and the institution’s profile. The table describes typical content, not every reporting template.
| Feature | COREP | FINREP |
|---|---|---|
| Focus | Own funds, own funds requirements and other prudential risk information | Financial position, performance and supporting financial information |
| Typical content | Capital, credit risk, large exposures, leverage and liquidity by reporting area | Balance sheet, income, assets, liabilities and credit-quality information |
| Business data | Exposures, collateral and regulatory classifications | Accounting and supporting position data |
| Boundary | Prudential consolidation and CRR definitions | Required accounting framework and reporting scope |
| Shared task | Explain reconciliation to the financial view | Explain reconciliation to the risk view |
Overview
Establish who reports before choosing templates
Legal entity, supervisor, accounting framework and individual or consolidated level determine scope. FINREP is not limited to IFRS consolidated accounts: the European framework also addresses national accounting standards and additional ECB requirements. Size categories and thresholds can change the reporting scope. Another institution’s reporting inventory cannot simply be adopted unchanged.
Overview
Track reference date, submission date and version separately
The reporting calendar distinguishes the date the data represents from the submission deadline. Add the template, data-model and validation versions applicable to that reference date. The ITS provide for monthly, quarterly, half-yearly and annual reporting areas. A newly published technical package is not automatically applicable to every next submission. Corrections need their own approval and submission process.
Keep technical implementation connected to the business definitions. The ITS specify the data points to report, while the EBA provides technical solutions. A visually reproduced table is not a complete electronic reporting package. Include the receiving authority, file format, technical checks and receipt confirmation in the submission process.
Overview
Explain reconciliation at transaction level
Working example: a loan appears in the financial view at its carrying amount. The prudential view may require additional classification, credit-risk mitigation or other regulatory treatment. Record the starting amount, adjustments, rule references and target position. A difference can be correct. It becomes unresolved when its explanation is missing.
Overview
Check data quality before submission
Useful controls cover completeness, permitted values, relationships and reconciliation across reporting areas. Assign separate causes and owners to technical validation failures and business differences. Approval should refer to a frozen version of data and rules. A dashboard can support this work; it does not replace calculation or the prescribed submission format.
FAQ
Frequently asked questions
Is FINREP the same as the annual financial statements?
FINREP uses accounting information in prescribed supervisory structures. Scope, presentation and individual definitions require separate assessment.
Must COREP and FINREP always show the same amounts?
No. Differences in definitions, valuation and consolidation can explain different figures. Their reconciliation must be traceable.
Is passing technical validation sufficient for approval?
It confirms only the rules that were tested. Completeness of scope, correct business classification and explainable reconciliations still need assessment.
Sources & further reading
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