CENTRAL BANK OF CYPRUS IMPLEMENTATION OF COREP & XBRL VII European Banking Supervisors XBRL Workshop Munich, 9 May 2007 7 th xbrl workshop 1
Banking Environment in Cyprus l 16 banks (9 subsidiaries of foreign banks) l Branches of foreign banks l Operations – mainly lending & deposit taking l Previously foreign exchange controls No trading, only hedging l Low market risk l Central Bank of Cyprus 7 th xbrl workshop 2
Situation Analysis the templates published by CEBS: ready sufficient level of detail flexibility available reference list Central Bank of Cyprus 7 th xbrl workshop 3
Situation Analysis – 2 Available transmission methods : Hard copy Laborious in terms of preparation and further processing Electronically Excel files – no control over formats, data syntax errors, limitations in processing ASCII – no control, development from scratch Central Bank of Cyprus 7 th xbrl workshop 4
Situation Analysis – 3 IT resources: lack of know-how and expertise in xbrl / taxonomies focus on smooth transition to Euro Banking Sector lack of know-how and expertise in xbrl Standardised approach Central Bank of Cyprus 7 th xbrl workshop 5
Situation Analysis – 4 Article 152 Discretion for extension of implementation of CRD & COREP Expected requests for exercise of discretion by many banks Time for CBC & banks to acquire know-how & expertise in xbrl Central Bank of Cyprus 7 th xbrl workshop 6
THE DECISION COREP Full adoption – no deletions / additions References to CBC directive Explanations XBRL Use of off-the-shelf tool Outsource Central Bank of Cyprus 7 th xbrl workshop 7
Step 1 – Liaison with banks Presentation by P. Voulgaris XBRL : creating and transmitting an xbrl instance automated and manual systems COREP & taxonomy concepts Constructive Feedback Stage of preparation Major Problems Set up of Queries Process Central Bank of Cyprus 7 th xbrl workshop 8
Step 2 – Data Exchange l Expansion of Existing Infrastructure secured exchange of xbrl files (instances) l e-business platform l Installation of new technology for encryption / decryption of files l Use of digital signatures l Central Bank of Cyprus 7 th xbrl workshop 9
Step 3 – Validation of xbrl files 1. Xwand – Fujitsu tool Validation checks incorporated in taxonomies Drawback: no monitoring controls viz a vis, reporting bank / period and completeness of templates E-business application Accountability Reference date Template definition Testing by one bank validation errors revealed, corrected and resubmitted successfully (automatic input to excel, mapping excel to taxonomy, instance created by off-the-shelf tool) Central Bank of Cyprus 7 th xbrl workshop 10
Step 3 – Validation cont’d 2. Outsource – software solution (under implementation) Additional validation (second) using a customised application through a set of predefined interfaces (prepared internally) Additional validations and controls as agreed with CBC Validation results in a format understandable by users Central Bank of Cyprus 7 th xbrl workshop 11
Step 4 - Visualisation 1. XWAND – Fujitsu tool Two options: Automated processing of xbrl files into html / xls files – not followed Manual processing one-by-one conversion of xbrl files into HTML format in a shared area Problem encountered: The visualisation result was not the anticipated COREP template Extra effort is required to convert the data in xls format Central Bank of Cyprus 7 th xbrl workshop 12
Step 4 - Visualisation 2. Custom-made solution Automated Data transformation mapping of data from xbrl file into xls file Expected Output : XLS file in the same format as the prescribed COREP templates Central Bank of Cyprus 7 th xbrl workshop 13
Step 5 - Processing Using the software solution Load Data to Internal System The xml files will be mapped into a relational database (Oracle) and passed as input to the internal system of CBC Processing of data Production of Reports e. g. aggregation reports, comparison reports Indicators Central Bank of Cyprus 7 th xbrl workshop 14
TARGET l Know-how & expertise in Taxonomy editing Further analysis on COREP templates Accommodate possible changes on COREP templates by CEBS Central Bank of Cyprus 7 th xbrl workshop 15
Thank you ! Mary Kyriakidou Banking Supervision and Regulation Department Central Bank of Cyprus E-mail : marykyriakidou@centralbank. gov. cy Central Bank of Cyprus 7 th xbrl workshop 16
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