The Bangko Sentral ng Pilipinas (BSP) has updated its guidelines for the expanded Comprehensive Credit and Equity Exposures Report (COCREE) with the addition of the technology format for the report’s electronic submission.
Based on a memo (BSP Memorandum No. M-2023-038), the BSP said big banks or the universal and commercial banks will still have extensible markup language (XML) format with a reporting structure in XML Schema Design or XSD 2.
For subsidiary thrift banks, non-banks and trust companies, the tech format is also XML in XSD 1. Stand alone units and rural banks’ format is also XML or dot TXT file in XSD 1 or TXT 1.
BSP Governor Eli M. Remolona Jr. signed BSP Circular No. 1184 last Dec. 15, for the enhanced COCREE 2023 version or COCREE 2.0.
In the circular memo, the BSP chief said the report “is designed to capture granular borrower/counterparty information for all credit and equity exposures of BSP supervised financial institutions (BSFIs).”
By January 2024, the COCREE 2.0 will be pilot tested until it goes on live implementation.
As per the circular, big banks, thrift banks, digital banks, non-banks and trust companies will have to go on live by June next year with a monthly reporting frequency.
By September, stand-alone thrift banks, trust firms and non-banks will go live with a monthly reporting frequency and by December, rural banks and cooperative banks will also go live with a required quarterly reporting frequency.
Since the expanded and more granular surveillance of banks’ credit and equity exposures will improve the detection of emerging risks in the financial system, it could avoid a contagion.