IReF implementation milestones set: Pilot 2030, reporting 2031

The Eurosystem has outlined three main milestones for the Integrated Reporting Framework (IReF), designed to harmonise statistical reporting across euro area banks and create a solid basis for further data integration in the EU.

A public consultation on the draft IReF Regulation is planned for the second half of 2027, which will help shape the final legislative proposal.

This will be followed by a one-year pilot phase, commencing in the second quarter of 2030, where reporting agents will be invited to test their ability to fulfil the new IReF data reporting requirements.

This testing phase will support technical and operational preparations for both reporting agents and the Eurosystem.

The first official IReF data reporting will then begin in the second quarter of 2031, with an initial one-year parallel reporting phase, during which existing statistical data will continue to be reported alongside IReF data.

Over the long term, this framework aims to further reduce the reporting burden on banks.

The implementation of IReF relies more heavily on EU-based technology solutions, including a European cloud, to strengthen Europe's digital sovereignty.

This approach also considers current geopolitical developments.

The IReF represents a first tangible step in integrating statistical, prudential, and resolution reporting within the EU, coordinated by the Joint Bank Reporting Committee (JBRC).

Preparatory work on a common data dictionary with the banking industry began in the fourth quarter of 2025.

The JBRC is also defining a long-term strategy for the broader European integrated reporting system and prioritising concrete workstreams to ensure a seamless and detailed implementation.