To achieve a high level of harmonization and strong convergence in regular supervisory reporting requirements, the Committee of European Banking Supervisors issued guidelines on prudential reporting with the aim of developing a supervisory reporting framework based on common formats. The Guidelines on Common Reporting cover consolidated, sub-consolidated and solo reporting of the capital requirements and own funds based on amended Directives 2006/48/EC and 2006/49/EC.

The original Guidelines on COREP were first released by CEBS in January 2006 and later amended in January 2010 (COREP rev2) to incorporate CRD II amendments (Directives 2009/27/EC, 2009/83/EC and 2009/111/EC). The latest COREP templates (COREP rev3) have been modified due to CRD III amendments (Directive 2010/76/EU) in view of its application by 31 December 2011.”

From 31 December 2012 COREP is expected to become part of EBA’s implementing technical standards on reporting.”