What is AnaCredit ?
AnaCredit is a project of the European Central Bank (ECB) which seeks to create a European statistical database for the credits granted by the financial institutions in Euro zone countries and/or countries that have joined the Banking Supervision Mechanism (MSU).
– The last financial crisis of 2008 has shown that data on credit and on credit risks are essential for an efficient macro-prudential supervision at the Euro zone level.
– A number of financial and economic indicators have diverged significantly according to the different economic segments (Sectors of activities, size, geographic zones).
So the ECB needs, for its monetary policy objectives, to be better informed, to understand and supervise these divergences.
AnaCredit project objective
– The European Central Bank and the national central banks must take on new tasks concerning the macro-prudential supervision.
AnaCredit seeks to deliver the additional and necessary information for the monetary policy and the financial stability tasks.
– AnaCredit will enable identifying, aggregating, and comparing the credit exposures and to detect the associated risks on a loan by loan basis.
– AnaCredit project will enable meeting the statistical and economic analysis thanks to a very complete database, based on harmonised concepts.
– AnaCredit project will finally enable the ECB to harmonise the national credit registers existing in the different Euro zone countries.
Who is impacted by the project ?
The entities submitted to reporting requirements are:
- The resident credit institutions,
- The resident subsidiaries of non-domestic credit institutions and their foreign branches outside the EU,
- Branches of credit institutions, provided that these are resident in a member state of the Euro zone.
Credits subject to declaration
Non exhaustive list:
- Business credit (Mid-Caps, SME), revolving credit, trade receivables, financial leases, overdrafts, credit card debts, debt securities, Multi-debtor credit
The legal framework
A draft regulation concerning the collection of granular credit and credit risk data defines the reporting requirements and defines the concerned entities.
On 18 November 2015, the ECB governing council approved in principle an ECB regulation draft related to AnaCredit.
Frequency and first declaration
As a first step, the banks are expected to transmit data on loans and other legal entities to companies on a monthly and quarterly basis and on every data modifications that require change. (When a change takes place)
The regulation draft provides for a first AnaCredit data declaration on 31st March 2018.
Reporting threshold application
The ECB has fixed a minimum borrowing threshold to be declared equal or superior to EUR 25 000.
Terms to be known
DORIAN (DOnnées RIsques ANacredit): Project declination at the level of Banque de France.
Granular credit data: Granular credit data consist of different elements of information related to credit risks of credit institutions or other financial institutions providing loans against borrowers.