AnaCredit – Compliance requirements & associated opportunities
During the banking crises in Europe, it was witnessed that European banks are not fully equipped with the identification and aggregation of credit exposures in spite of the widespread availability of credit data and sumptuous reporting structure. This necessitated the banks to have a much more extensive reporting and have to prepare a wider set of compliance reports in order to cope with such crises. AnaCredit (analytical credit dataset) is a new regulatory requirement enforced by European Central Bank (ECB) requiring the collection of granular credit (individual loan level) data, using a list of data attributes spread over 10 interrelated tables1. It is a three stage project initiated in 2014 and is expected to come in full effect by 20203. Though it is consistent across all member states of euro system, other member states which are not part of the euro system are also invited to participate, for example Denmark and Sweden has also started preparing the similar databases. The scope and the regulatory requirement has been published for the first phase, and for the further phases it will be published in the near future. The intention behind introducing this concept is that the individual loan data under AnaCredit can be used for monitoring the performance of whole Eurozone credit market in the future.
 FinTech Futures (2018), AnaCredit – turning compliance into opportunity, Retrieved from https://www.bankingtech.com/2018/02/anacredit-turning-compliance-into-opportunity/
 Anjani Kumar (2018), AnaCredit - Implementation challenges and lessons for the future stages, Retrieved from https://www.finextra.com/blogposting/15493/anacredit---implementation-challenges-and-lessons-for-the-future-stages
 Deloitte, AnaCredit Regulatory News, Retrieved from https://www2.deloitte.com/cy/en/pages/financial-services/articles/anacredit.html
 KPMG (2016), AnaCredit: one of the largest projects undertaken by the ECB, Retrieved from https://home.kpmg/xx/en/home/insights/2016/09/ecb-adopts-anacredit-regulation-fs.html
 Abhishek Awasthi (2018), AnaCredit: Challenge or Opportunity?, Retrieved from https://www.axiomsl.com/resource-center/inside-view/2018/03/08/anacredit-challenge-or-opportunity/
 BankingHub (2016), Update: Analytical credit dataset of the ECB — AnaCredit, Retrieved from https://www.bankinghub.eu/banking/finance-risk/analytical-credit-dataset-of-the-ecb-anacredit
 European Central Bank, AnaCredit, Retrieved from https://www.ecb.europa.eu/stats/money_credit_banking/anacredit/html/index.en.html
 Robert Scheurell, SKS Advisory, The AnaCredit Project - The creation of a new European central credit register, Retrieved from https://sks-group.eu/en/solutions/regulatory-advisory/analytical-credit-datasets-anacredit.html
 Jenna Danko (2017), AnaCredit - Is it One regulation or Many? A look at the impact of National variations, Retrieved from https://blogs.oracle.com/financialservices/anacredit-is-it-one-regulation-or-many-a-look-at-the-impact-of-national-variations
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