On 18 March 2024, the European Central Bank (ECB) and European Banking Authority (EBA) published a Memorandum of Understanding on the establishment of the Joint Bank Reporting Committee (JBRC).

The JBRC is tasked with helping to develop common definitions and standards for the data that banks are required to report for statistical, supervisory and resolution purposes. The process will involve all relevant EU bodies, as well as national authorities and banking industry representatives.

EBA Chairperson Jose Manual Campa said “A harmonised, proportionate and fit-for-purpose reporting system is a priority for the EBA.” Furthermore European Commissioner for Financial Stability, Financial Services and the Capital Markets Union, Mairead McGuinness stated “This initiative is an important part of the European Commission’s supervisory data strategy and will streamline and modernise reporting for EU banks.”