On 12 February 2025, the European Banking Authority (EBA) published its final draft implementing technical standards (ITS) on the Pillar 3 data hub for large and other institutions, which will centralise prudential disclosures by institutions through a single electronic access point on the EBA website. The project is part of the Banking Package laid down in the Capital Requirements Regulation (CRR3) and Capital Requirements Directive (CRD6).

Background

The new Banking Package, which will implement the latest Basel III reforms in the EU, includes a mandate for the EBA to develop a Pillar 3 data hub. CRR3 (at Articles 434 and 434a) mandates the EBA to publish on its website the prudential disclosures for all institutions subject to those requirements, so that it is readily and centrally available to all relevant stakeholders through a single electronic access point on its website. The EBA is building a data hub to comply with this mandate, putting together all the disclosures required under Part Eight of the CRR.

Draft ITS

The final draft ITS set out the IT solutions and processes to be followed by large and other institutions when submitting their respective Pillar 3 disclosures. This includes the IT solutions to be used, the data exchange formats to be considered and the technical validations to be performed by the EBA. The EBA plans to provide additional detailed information to the submitters of Pillar 3 information in the onboarding communication plan, which it expects to publish by the end of the first quarter of 2025.

For submitting the information to the EBA, there will be a transition period for institutions for information with disclosure reference dates from June to December 2025, to allow them time to prepare for the new publication process.

In parallel, the EBA finalised a pilot exercise on a voluntary basis to test the process for large and other institutions, and it has taken on board the conclusions from that exercise when finalising the draft ITS, along with feedback received during its consultation phase.

Next steps

The draft ITS for small and non-complex institutions and on the resubmission policy will be subject to a separate consultation, which the EBA intends to launch in the first half of 2025.