The prudential regulator yesterday released for consultation its reporting standard for the Financial Claims Schemes Data Collection.
According to APRA’s consultation letter, the old data collection model of collecting FCS deposit data from the top four banks and using an estimation model for all other ADIs was “no longer sufficient to meet the increasing need for accurate FCS data”.
Instead, APRA is proposing Reporting Form ARF 910.0 Financial Claims Schemes Data Collection (ARF 910.0) as replacement.
“APRA has drafted ARF 910.0 to facilitate the collection of aggregate FCS deposit liability data across all locally incorporated ADIs on a semi-annual basis,” the consultation letter stated.
“Under ARF 910.0, ADIs will be required to provide deposit liability data and specific aggregate FCS data items from the SCV summary report and other reports, as well as information on the core banking system(s).”
Submissions for the draft reporting standard will close on 25 October 2017.
