BR-AG | Senior Business Analyst, Practice Lead
The Central Bank of Ireland (CBI) has updated the technical documentation for the Bank and Investment Firm Resolution Fund (BIFR) Taxonomy 2024, marking a significant shift to the XBRL (eXtensible Business Reporting Language) format. The taxonomy will be applicable for data in the reference period 2023.
Initially established in 2015 to support resolution measures in case of credit institution or investment firm failure, the BIFR has traditionally operated with its own reporting mechanisms. Following a 2022 CBI announcement, signalling a transition of BIFR reporting to the XBRL format, it is now coming into force aligning with the standard employed by the EU’s Single Resolution Board.This move underscores the CBI’s commitment to adopting contemporary standards and technology. The BIFR 2024 XBRL Taxonomy is derived from the Single Resolution Fund (SRF) 2024 XBRL taxonomy, streamlining the reporting process.
Information on the 2024 SRF XBRL taxonomy is available on the Single Resolution Board’s 2024 ex-ante contributions webpage.
- All credit institutions;
- Irish-authorised branches of credit institutions authorised in a non-European Economic Area territory (‘third country union branches’);
- Investment firms in scope of the Bank Recovery and Resolution Directive (BRRD).
A Fund Reporting Form for Contributions (reporting form) is to be populated by the institutions each year in order for the Central Bank to gather the data required to calculate the institution’s levy.
The reporting form is to be generated by the institutions in XBRL format. The XBRL taxonomy for the 2024 BIFR contribution period together with related items can be accessed at CBI’s web page.
Instructions for the completion of the reporting form are available in the BIFR Guidance Document 2024.
Institutions are required to complete the reporting form, by populating it with the institution’s financial information at the reference date, which corresponds to the balance sheet date of the latest approved annual financial statements available before 31 December of the year prior to the contribution period.
Several additional returns are set for conversion to XBRL format through updates to the published CBI Taxonomy. The inaugural reporting date for the XBRL version of the ICAAP return is fast approaching on December 31, 2023, while the proposed first reporting date for the remaining returns is set for March 31, 2024.
Current Return Name | Applicable to | Proposed First Reporting Date of new XBRL version |
|---|---|---|
Asset Concentration Disclosure | IIA Non-Retail Investment Firms | 31 March 2024 |
Annual Outsourcing Return for Fund Administrators | Fund Administrators | 31 March 2024 |
Capital Adequacy Statement | IIA Non-Retail Investment Firms | 31 March 2024 |
DAOFI Minimum Capital Requirement return | Depositaries of Assets Other than Financial Instruments (‘DAOFI’) | 31 March 2024 |
ICAAP | MiFID Investment Firms AIFMs / UCITS Management Companies carrying out individual Portfolio Management | 31 December 2024 |
Minimum Capital Requirement – AIFMs and UCITS Managers | AIFMs and UCITS Management Companies | 31 March 2024 |
Minimum Capital Requirement Depositary | Depositaries | 31 March 2024 |
Minimum Capital Requirement | AIF Management Companies | 31 March 2024 |
Non-Irish Authorised Funds Quarterly Assets Under Administration Return | AIFMs and UCITS Management Companies | 31 March 2024 |
Non-Irish Authorised Funds Quarterly Assets Under Custody Return | Depositaries | 31 March 2024 |
Non-Irish Authorised Funds Quarterly Assets Under Management Return | AIFMs and UCITS Management Companies | 31 March 2024 |
Own Funds Requirement Fund Administrator | Fund Administrators | 31 March 2024 |
These recent and more coming returns being shifted into XBRL filling underscores the CBI’s commitment to modernization and standardization.
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