EBA has published an opinion specifying the general principles and timelines for implementing a regulatory review of the internal ratings-based (IRB) approach and a report summarising the feedback it received to its consultation on the future of the IRB approach. EBA reiterates its support for the IRB approach and suggests changes aimed at harmonising definitions and supervisory practices. It wants a flexible approach to implementing the review and sets out an overall timeline requiring all changes to be finalised by the end of 2020 at the latest. EBA also notes that the necessary bank-specific changes are best determined together with the relevant competent authority. (Source: EBA Sets Out IRB Review Roadmap)