Bank of England amends resolution reporting standards
The Bank of England has published an instrument amending technical standards for bank resolution reporting, effective 1 April 2026. The changes revoke several COREP13 templates and instructions.
Streamlining COREP13 reporting
The Bank of England has published an instrument amending technical standards for bank resolution reporting, effective 1 April 2026. This instrument, titled 'The Technical Standards (COREP13) Instrument 2026', revokes several key templates and their related instructions within Commission Implementing Regulation (EU) 2018/1624. Specifically, templates Z 02.00 (Liability structure), Z 03.00 (Own funds requirements), Z 04.00 (Intragroup financial interconnections), Z 05.01 (Major counterparties (Liabilities)), Z 05.02 (Major counterparties (off-balance sheet)), and Z 06.00 (Deposit insurance) of Annex I are revoked.
Corresponding template-related instructions in Annex II are also removed.
The Bank exercises powers under the Financial Services and Markets Act 2000 and the Bank Recovery and Resolution (No. 2) Order 2014 to modify EU tertiary legislation forming part of assimilated law.
Adapting assimilated EU law
The instrument clarifies the level of consolidation for information submission, particularly for UK parent undertakings within groups.
It specifies reporting requirements for group entities exceeding 0.5 percent of total assets or liabilities, those with significant risk exposure, and entities providing critical functions.
Information for templates Z 02.00 and Z 03.00 must be submitted at the level of the UK parent undertaking or each resolution entity, individually and on a consolidated basis.
This modification of assimilated EU law is crucial for the Bank of England to maintain a robust and adaptable regulatory framework post-Brexit, ensuring resolution planning data remains relevant and effective for financial stability.
A necessary regulatory cleanup
This instrument provides a targeted, yet crucial, update to the UK's bank resolution framework, streamlining post-Brexit regulatory alignment.
The revocation of specific templates signals a move towards more efficient and focused data collection for resolution planning.
For financial institutions, this means a reduced reporting burden in certain areas, allowing better resource allocation towards core supervisory requirements.