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The Eurosystem Integrated Reporting Framework ‒ an overview

Retrieved on:

Friday, April 5, 2024

The Eurosystem Integrated

Key Points:

The Eurosystem Integrated
Reporting Framework ? an overview
1
Background
European Union (EU) banks face a whole range of data reporting obligations,
including for statistical, resolution and prudential information.
Existing ECB statistical regulations specify the information that must be reported, but
not how the actual reporting process is to be carried out.
The Eurosystem Integrated Reporting Framework ? an overview
1

submitted by reporting agents to NCBs.
This arrangement dates back to when the ECB was set up in 1998 and was justified
at the time, as it meant that statistical reporting could be founded on well-established
national reporting frameworks.
Figure 1
Current Eurosystem approach to collecting statistical information from banks
Banks

NCBs

ECB

Transformations by banks

Transformations by NCBs
Country A

BSI & MIR

Integrated approach
?

SHS

Country B

Operational
systems

Monetary data

b.o.p., i.i.p &
sector accounts

Credit register
Sector accounts

AnaCredit
b.o.p.
Under the new paradigm, cross-border banks could unify the
technical specifications of their reporting for all their European entities.
2
The scope of the IReF
The IReF seeks to integrate existing ESCB statistical data requirements for banks as
far as possible into a single, standardised reporting framework applicable across the
euro area.
The feasibility of aligning the IReF
more closely with the Financial Reporting (FINREP) requirements applicable at solo
level11 is also being assessed.
Some NCBs have
developed an integrated reporting framework for investment funds (covering both
MMFs and non-MMFs).
The Eurosystem reviewed the results of the CBA to identify optimal features for
banks, the Eurosystem and its users.
This time frame will give reporting agents and the Eurosystem enough lead time to
prepare the legal and technical framework without unduly delaying the expected
reduction in the reporting burden.
16
See ?On a Feasibility Study of an Integrated Reporting System under Article 430c CRR?, EBA, 2021;
and ?The EBA?s feasibility study on integrated reporting system provides a long-term vision for
increasing efficiencies and reducing reporting costs?, EBA, December 2021.
The Eurosystem is already cooperating closely with the banking industry to optimise
reporting and reduce the overall reporting burden via the Banks? Integrated Reporting
Dictionary (BIRD).19 BIRD offers a redundancy-free source (i.e.
The IReF describes statistical requirements in a redundancy-free layer
and will represent future statistical reporting obligations issued by the ECB and
applicable to Eurosystem banks.
Data quality should increase and costs decrease, as the BIRD input layer would
provide a comprehensive and flexible tool to support data reporting.

Philip R. Lane: The economic outlook and monetary policy

Retrieved on:

Wednesday, April 3, 2024

Key Points:

Debate on: Is the inflation surge over and what are the lessons for monetary policy?

Retrieved on:

Wednesday, April 3, 2024

Consensus, Momentum, Angelini, Tax, MIR, Exercise, Consensus Economics, BIS, DFR, Interest, APP, Labour, Policy, Bank of Greece, PEPP, BSI, ECB, Observation, Aes, Evolution, Refinitiv, Cargo, GDP, T2, Watcher, T3, Deutsche Bundesbank, LHS, Electricity, Projection, MMR, Real, T+2, Disinflation, Bank of France, SMA, Food, OIS, MFI, Perception, CES, Economics, Persistent, Bank for International Settlements, SVAR, Growth, MPE, Common, Consensus decision-making, Bank, XXIV, ILS, HICP, Bloomberg, RHS, BVAR, Elasticity, Unit, Lombard, Surface finishing

Shocks to the shortages variable are constructed as deviations in the values from the sample mean.

Key Points:

Shocks to the shortages variable are constructed as deviations in the values from the sample mean.
Shocks to the vacancy-to-unemployment ratio (labour market variable) are constructed
as the actual value minus the value in the fourth quarter of 2019.
?Indirect impact of energy prices on non-energy inflation? is the sum of the indirect effects of oil,
gas and electricity prices.
3
Historical
Rubric comparison of inflation episodes in the euro area ? headline and core
Headline

Core

(percentage points)

(percentage points)
Current euro area episode
Past global episodes

Current euro area episode
Past global episodes
2

2

0

0

-2
-4

-2

-6
-8

-4

-10
-12

-24

-18

-12

-6

0

6

12

18

-6

24

Months around inflation peak

-24

-18

-12
-6
0
6
12
Months around inflation peak

18

Sources: BIS, Eurostat and ECB calculations.
The dark blue line represents the latest developments in headline and core inflation for the euro area, relative to the October
2022 peak.
Non-energy industrial goods inflation refers to a panel of all euro area countries, while services inflation refers to
a panel of 30 AEs and 28 EMEs.
Month = 0 is when the headline inflation value is at the highest during that particular episode.
The dark blue line represents the latest developments
in non-energy industrial goods and services inflation for the euro area, relative to the October 2022 peak.
unprocessed
food and energy
HICPX

8
3.0

3.0

2.5

2.5

2.0

2.0
1.5

1.5
1.0
Feb-24

Jul-24

1.0
Dec-24 Feb-24

Jul-24

8

7

7

6

6

5

5

4

4

3

3

2

2

1

1

Adjusted
measures

Difference
4

3

2

1

0
0
0
Feb-24 Jan-23 Jul-23 Jan-24
Jan-23 Jul-23 Jan-24
Feb-24 Jan-23 Jul-23 Jan-24
Feb-24

Dec-24

Sources: Eurostat, March 2024 ECB staff short-term inflation outlook, Consensus
Economics, Bloomberg and ECB calculations.
The ?adjusted?
measures abstract from energy and supply-bottleneck shocks using a large SVAR, see
Ba?bura, Bobeica and Mart?nez-Hern?ndez (2023), ?What drives core inflation?
Notes: 5-days moving average risk-neutral
probabilities of inflation implied by five-year and tenyear zero-coupon inflation options.
16
8

12
Quarters

16

20

Policy
Rubriccounterfactuals
Interest rate under alternative
counterfactuals

Counterfactual impacts on
Inflation

(percentages per annum)

(annual percentage change)

Baseline
Earlier and longer
Earlier, longer and higher

8

Baseline

7
6
5
4
3
2
1
0
-1
2021Q4

2022Q4

2023Q4

2024Q4

Earlier, longer and higher

10

2

8

0

6

-2

4

-4

2

-6

0

-8

-2

2025Q4

Earlier and longer

Output gap

(p.p.
The RHS chart displays the impact on inflation (first panel) and output gap (second panel) for each of the hypothetical alternative paths of the interest
rate.
As a caveat, financial feedback loops as well as feedback loops between inflation expectations and inflation are not activated.

Mirion to Participate in SHARE Series Fireside Chat on Monday, February 26, 2024

Retrieved on:

Thursday, February 22, 2024

Research, Other Health, General Health, Other Defense, Radiology, Nuclear, Energy, Defense, Health Technology, Science, Military, Health, Other Science, SHARE, Webcast, MIR

Mirion (NYSE: MIR) announced today that Chief Executive Officer, Thomas Logan, will participate in a SHARE Series fireside chat moderated by Wolfe Research Analyst, Nigel Coe.

Key Points:

Mirion (NYSE: MIR) announced today that Chief Executive Officer, Thomas Logan, will participate in a SHARE Series fireside chat moderated by Wolfe Research Analyst, Nigel Coe.
The event will begin at 9:00 AM ET on Monday, February 26, 2024 and will feature an online portal for investors to submit questions to ask during the event.
The presentation will be webcast live at https://www.openexchange.tv/monday-management-update-february-26th/mirio... or may be accessed via our IR website at https://ir.mirion.com/news-events where a link will be displayed under the "Events and Presentations” section.
An archive of the webcast will be available at the same location within twelve hours of the conclusion of the event.

Mirion to Present at B. Riley Securities’ Radiopharma Day

Retrieved on:

Thursday, February 22, 2024

Research, Clinical Trials, Health Technology, Biotechnology, Other Health, Health, General Health, Other Science, Science, MIR

Mirion (NYSE: MIR) announced today that Chief Executive Officer, Thomas Logan, will present at B. Riley Securities’ Radiopharma Day in New York, NY. The presentation will begin at 11:30 AM ET on Friday, March 1, 2024.

Key Points:

Mirion (NYSE: MIR) announced today that Chief Executive Officer, Thomas Logan, will present at B. Riley Securities’ Radiopharma Day in New York, NY. The presentation will begin at 11:30 AM ET on Friday, March 1, 2024.

Philip R. Lane: The banking channel of monetary policy

Retrieved on:

Friday, February 16, 2024

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for rates, credit growth in deviation from the start of the cycle (t) in p.p.

Key Points:

for rates, credit growth in deviation from the start of the cycle (t) in p.p.
Starting months correspond to the month immediately preceding the first hike or explicit announcement of the hike of the cycle.
The dotted lines shows counterfactuals for lending rates and lending volumes, taking December 2021 as the last observation and
projecting volumes conditional on the path of monetary policy rates.
The one for lending volumes is based on the BVAR model in Altavilla,
Giannone, and Lenza (2016).
Composite funding costs are a weighted average of deposit rates
and average monthly bond yields, with outstanding amounts as weights.
Right chart shows
the contributions of the components to the change in the composite bank funding cost
between December 2021 and November 2023.
Latest observations: 8 February 2024 for bond yields; December 2023 for other series.
Notes: ?Others? include shares (listed and not listed as well as those issued by investment
funds), and insurance and pension schemes.
Retail
Specialised

Universal

10

10

8

8

6

6

4

4

2

2

0

0

-2

-2

-4
Jan-20 Aug-20 Mar-21 Oct-21 May-22 Dec-22 Jul-23

-4

Sources: ECB (iBSI, iMIR) MPC Task Force on Banking Analysis and ECB calculations.
Investment refers to the net
change in property plant and equipment over assets; cash refers to cash and cash
equivalents over assets.
Households
loans, credit standards and loan demand
Rubric
Changes in credit standards for
loans to households, and
contributing factors
(net percentage)
0

30

-40

20

Sources: ECB (BSI) and ECB calculations.
Low-income households are those in the bottom 20 per cent
of the income distribution; high-income households are those in the top 20 per cent.

Mirion Announces Fourth Quarter and Full Year 2023 Financial Results and Provides Full Year 2024 Guidance

Retrieved on:

Tuesday, February 13, 2024

Manufacturing, Science, Other Science, Research, Chemicals, Plastics, Class, Acquisition, EPS, Webcast, MIR, Internet service provider

We delivered record revenue and adjusted EBITDA, and substantially improved cash generation and leverage,” stated Thomas Logan, Mirion’s Chief Executive Officer.

Key Points:

We delivered record revenue and adjusted EBITDA, and substantially improved cash generation and leverage,” stated Thomas Logan, Mirion’s Chief Executive Officer.
“Looking at our fourth quarter results, both business segments generated organic growth against tough comparisons from the same period last year.
Participants may access the call by dialing 1-877-407-9208 or 1-201-493-6784, and requesting to join the Mirion Technologies, Inc. earnings call.
An archived replay of the call and an accompanying webcast will also be available on the Investors section of the Mirion website at https://ir.mirion.com/ .

Mirion to Present at Citi’s 2024 Global Industrial Tech and Mobility Conference

Retrieved on:

Monday, February 12, 2024

Radiology, Health Technology, Health, Medical Devices, Webcast, MIR, Conference

Mirion (NYSE: MIR) announced today that Chief Executive Officer, Thomas Logan, and Chief Financial Officer, Brian Schopfer, will present at Citi’s 2024 Global Industrial Tech and Mobility Conference in Miami, FL.

Key Points:

Mirion (NYSE: MIR) announced today that Chief Executive Officer, Thomas Logan, and Chief Financial Officer, Brian Schopfer, will present at Citi’s 2024 Global Industrial Tech and Mobility Conference in Miami, FL.
The presentation will begin at 1:50 PM ET on Wednesday, February 21, 2024.
The presentation will be webcast live at https://ir.mirion.com/news-events where a link will be displayed under the "Events and Presentations” section.
An archive of the webcast will be available at the same location within twelve hours of the conclusion of the event.

Mirion Announces Earnings Release and Conference Call Date for Fourth Quarter and Full Year 2023

Retrieved on:

Wednesday, January 31, 2024

Radiology, Health Technology, Health, News, MIR

Mirion (NYSE: MIR) announced today that it will release financial results for the fourth quarter and full year 2023 after market close on Tuesday, February 13, 2024.

Key Points:

Mirion (NYSE: MIR) announced today that it will release financial results for the fourth quarter and full year 2023 after market close on Tuesday, February 13, 2024.
Following the news release, the company will host a conference call the next day, Wednesday, February 14, 2024, at 10:00 am ET to discuss the results.
Participants may access the call by dialing 1-877-407-9208 or 1-201-493-6784, and requesting to join the Mirion Technologies, Inc. earnings call.
An archived replay of the call will also be available on the Investors portion of the Mirion website at https://ir.mirion.com/ .

Deposit market concentration and monetary transmission: evidence from the euro area

Retrieved on:

Sunday, February 4, 2024

Neumark, American Economic Journal, Paper, A18, A21, Money, A4, Financial crisis, International, A5, A1, Exercise, Timothy, A14, Monetary policy, IRF, Interest rate, Economy, Quarterly Journal of Economics, NII, A8, Policy, HICP, MMF, Control, Statistics, Series, ECB, DNB, Index (economics), Finance, Section 3, GDP, History, American Economic Review, De Nederlandsche Bank, Rigidity, XB, Habit, Website, Federal funds, Social science, A11, 95.1 FM, IMF, MPS, A9, Credit, University of Amsterdam, Wang, A26, HHI, European Economic Review, Reproduction, Shock, University, Journal of Political Economy, Central bank, A30, Journal of Monetary Economics, Interval (mathematics), A25, G21, Politics, Auerbach, Silvana Tenreyro, XT, Research Papers in Economics, Causality, Deposit, Yb, A27, Time series, Dynamics, Literature, Hey, SSI, Interpolation, O'Driscoll (surname), BSI, A23, United, Domestic, European Central Bank, VAR, A28, Rigid transformation, A6, OIS, Role, PDF, Research, Feedback, The Journal of Finance, A15, A17, NFC, A22, E43, DSGE, Quarterly Journal, E52, MIR, Appendix, A10, Information, Surface finishing

Abstract

Key Points:

Abstract
I study the transmission of monetary policy to deposit rates in the euro area with a
focus on asymmetries and the role of banking sector concentration.
Moreover, the
gap between deposit rates across euro area member states - despite being exposed to the same
key ECB interest rates - has widened.
This begs the question whether deposit rates are more
sluggish in response to both policy rate increases and cuts, and what factors might influence the
transmission of monetary policy to deposit rates.
Whether banks are indeed able to adjust deposit rates asymmetrically to positive and
negative changes in policy rates could thus well depend on how much market power they hold
in the deposit market.
Arguing that market power increases in the degree of market concentration,
I further consider whether more concentrated banking sectors set rates (more) asymmetrically.
The response of deposit rates in banking sectors with an average degree of concentration does
not appear asymmetric.
The degree of market concentration is often pointed at, but recent evidence
for the euro area is scarce.
In this paper, I provide empirical evidence on the asymmetric response of deposit rates to
monetary policy, and relate this to the degree of concentration within a country?s banking sector.
Both papers
provide empirical evidence based on US deposit markets showing that deposit rates respond
more rigidly to upward changes in market rates than downward changes, especially so in more
concentrated markets.
Recent research on euro area deposit markets,
instead, has focused more on the transmission of negative policy rates (see e.g.
Whether banks are able to set deposit rates that materially differ from policy rates is affected
ECB Working Paper Series No 2896

4

by market concentration: market power is assumed to increase in the degree of concentration in
the banking sector.
Concentration thus appears to matter for how quickly ECB monetary policy has
been transmitted to deposit rates across the euro area.
Banks thus have a motive to be
rigid in adjusting deposit rates to a ?positive? monetary policy shock.
While customers are generally (and potentially rationally) inattentive, swift and substantial
nominal deposit rate declines may trigger deposit outflows.
relative deposit rate = deposit rate - short term rate
The inverse of the wedge, the relative deposit rate will allow us to see more clearly how
the deposit rate evolves in comparison to the short-term rate.
This then translates to (more
pronounced) effects on the transmission of policy to the deposit wedge, reinforcing the asymmetry discussed before.
More concentration would mean more rigid deposit rates (and thus an
increase in the deposit wedge) in case of positive surprises, and more flexible deposit rates (and
thus a decrease in the deposit wedge) in case of negative surprises (see also e.g.
I add an identical
altered-linex adjustment cost for deposit rates, to capture the upward rigidity and downward
flexibility of deposit rates as well.
As discussed
previously, the deposit rate is particularly rigid in case of a positive shock, illustrating the dividend smoothing motive and bank market power.
Without the asymmetric adjustment cost,
the response of the deposit rates to positive and negative changes in policy would have been
symmetric.
This appears a reasonable assumption
in general, as market concentration or market shares are slow-moving concepts.
3
Methods and data

I study the dynamic response to an unexpected change in monetary policy on deposit rates
in different countries in the euro area.
deposit rate - short-term rate), which for the sake of
brevity I will refer to as the ?relative deposit rate?.
Positive IRFs for the relative deposit rate imply that
the deposit rate has increased by more than the short-term rate, narrowing the wedge between
the short-term rate and the deposit rate.
0
?2
?2
?4
?6

?4
4

8

12

4

Months

8

12

Months

Figure 9: NFC rate response - linear combination of ?0 and ?1

Relative deposit rate at 1 month

Relative deposit rate at 4 months

0.0

0
?1

p.p.
0
0
?2
?1
?4
4

8

12

4

8

Months

12

Months

Figure 12: NFC rate response - linear combination of ?0 and ?1

Relative deposit rate at 1 month

Relative deposit rate at 4 months
2.0

1.5

p.p.
And, (2) how quickly
households and NFCs learn about changes in monetary policy, via the deposit rate, may vary
across the monetary union.
?0 , ?1 )
Figure A16: NFC overnight deposits, small member states
Relative deposit rate (average)

Relative deposit rate (interaction)

2

10
5

p.p.
?0 , ?1 )
Figure A19: NFC overnight deposits, four lags
Relative deposit rate (average)

Relative deposit rate (interaction)
5

0

p.p.
?0 , ?1 )
Figure A28: NFC overnight deposits, small member states
Relative deposit rate (average)

Relative deposit rate (interaction)

3

5.0

2

2.5

p.p.
?0 , ?1 )
Figure A31: NFC overnight deposits, four lags
Relative deposit rate (average)

Relative deposit rate (interaction)

3
2

p.p.