The European Banking Authority (EBA) has recently published a report relating to transparency in the European financial system.
In a lecture for the Official Monetary and Financial Institutions Forum held on 4 May 2016, Andrea Enria, Chair of the EBA, outlined its progress in increasing the quantity and quality of bank disclosures, enhancing the comparability and accessibility of bank data and also better disclosure of authorities’ assessments.
Mr Enria explained that the transparency of bank data is particularly important in the EU, where the lack of comparability of key bank information across countries has been a major hindrance to the functioning of the Single Market and to supervisory co-operation.
The EBA has expressed confidence that a new phase will soon be reached in which any interested party can easily access all relevant bank information, drawn from supervisory reporting on a regular basis, ideally quarterly, and in a single place, for example the EBA website.
This is already happening in the US, and the EBA aims to achieve at least the same results in the Single Market. Mr Enria reinforced that the industry should exploit all the possible synergies between Pillar 3 disclosures and supervisory reporting, thus achieving an integrated set of information, easily available and consistent across banks.