Working group report on credit data reporting and a common database

Members of the euro area are obliged to establish reporting arrangements in accordance with rules laid down by the European Central Bank (ECB), and to participate in a common credit database, called AnaCredit (analytical credit datasets). Other EU member states may participate on a voluntary basis. The purpose of the project is primarily to strengthen the basis for monetary policy analysis and monetary policy operations, risk management, financial stability surveillance, macro-prudential policy, and research. At the first stage, the reporting shall include bank loans exceeding EUR 25 000 to legal entities (corporates, etc.).

In February of this year, following a recommendation from Norges Bank, the Ministry of Finance appointed a working group to assess whether AnaCredit reporting should be implemented in Norway. The working group has consisted of participants from the Ministry of Finance, Norges Bank, Finanstilsynet (the Financial Supervisory Authority of Norway) and Statistics Norway.

The working group says that there is a need for more granular information about the Norwegian credit market, but this can be provided quickly and cost-effectively by for example having Finanstilsynet expand its exposure database for corporate loans. In the working group’s view, it is difficult to justify the considerable costs associated with introducing AnaCredit by citing the possible gains that are just becoming apparent.

If in the coming years, AnaCredit should become a more important data source in the EU, or if a Norwegian system can be established at low cost based on tested and harmonised solutions from other countries, the working group says that Norwegian authorities should reassess AnaCredit. If a Norwegian implementation of AnaCredit nevertheless is desirable now, the working group recommends a minimal arrangement. Such an arrangement, which is described in detail in the working group’s report, minimises banks’ costs and can form the basis for any later expansions.

In accordance with its mandate, the working group has obtained input from relevant authorities and representatives of banks and their customers. These contributions are incorporated into the report and form part of the basis for the working group’s assessments. The report will therefore not be subject to a public consultation. In collaboration with Norges Bank, Finanstilsynet and Statistics Norway, the Ministry will now assess the recommendations of the working group.

Read more:

• The working group’s report (summary in English on pages 5-7)
• Press release of 28 February 2018 on the appointment of the working group