European Banking Authority Provides Clarity on Application of CRR Quick Fix Package

The European Banking Authority has published guidance on the impact on supervisory reporting and disclosure of the EU's CRR Quick Fix adjustments, which were made in response to COVID-19. The CRR Quick Fix introduced changes to a broad range of requirements on firms under the Capital Requirements Regulation. It has applied directly across the EU since June 27, 2020. The EBA's guidance consists of:

1. Guidelines on supervisory reporting and disclosure requirements in compliance with the CRR "quick fix" in response to the COVID‐19 pandemic (EBA/GL/2020/11). These Guidelines aim to clarify how firms should report the Implementing Technical Standards on supervisory reporting versions 2.9 and 2.10, and on the existing ITS on disclosure of leverage ratio.
2. Guidelines amending the EBA's Guidelines on uniform disclosures on the transitional period for mitigating the impact of the introduction of IFRS 9 on own funds to ensure compliance with the CRR "quick fix" in response to the COVID-19 pandemic (EBA/GL/2020/12). These amending Guidelines explain whether firms need to apply the temporary treatment for unrealized gains and losses measured at fair value through other comprehensive income and adjustments to the provisions on IFRS 9 transitional arrangements.
3. A revised final report and final draft ITS on supervisory reporting (v3.0), which replace those submitted in June 2020 and allow for the changes made by CRR Quick Fix.

View the Guidelines on supervisory reporting and disclosure requirements (EBA/GL/2020/11).

View the Guidelines amending the EBA's Guidelines on uniform disclosures relating to IFRS 9 (EBA/GL/2020/12).

View the revised final report and final draft ITS on supervisory reporting.

View details of CRR Quick Fix.

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