EU Regulator Looks to Cut Reporting Costs for 2,900 Banks by 24%

(Picture courtesy: European Banking Authority website)

EU Regulator Looks to Cut Reporting Costs for 2,900 Banks by 24%

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The European Union’s top banking regulator is looking to ease some of its reporting rules for smaller firms, in a move that could save firms up to 288 million euros ($350 million).

The Paris-based European Banking Authority, which sets standards for firms across the bloc, unveiled a plan on Monday to cut back on reporting requirements for nearly 2,900 smaller and less complex firms. Lenders could save 15% to 24% on supervisory reporting costs under the EBA’s plans, it said.

Among the 25 recommendations are proposals to simplify reporting requirements around firms’ liquidity and leverage as well as a pledge to make it easier to understand the EBA’s own requirements. The move could reduce the number of data points banks need to report to supervisors by 7,000.

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