Question ID:
Legal Act:
Regulation (EU) No 575/2013 (CRR)
Leverage ratio
451, 521
COM Delegated or Implementing Acts/RTS/ITS/GLs/Recommendations:
Not applicable
Disclose name of institution / entity:
Name of institution / submitter:
Country of incorporation / residence:
Type of submitter:
Investment firm
Subject Matter:
Disclosure of the Leverage Ratio

How shall institutions disclose the Leverage Ratio as set out in Art. 451 CRR and the Delegated Regulation (EU) 2015/62, entered into force on the 18 January 2015, while there is no adopted ITS on Disclosure until now?

Background on the question:

The Delegated Regulation (EU) 2015/62 should correct any shortcomings of the Regulation (EU) No 575/2013 (CRR) regarding the calculation of the Leverage Ratio (Art. 429 CRR) and align the EU definition with the Basel III Leverage Ratio framework (BCBS270), published in January 2014. Article 2 of the Delegated Regulation (EU) 2015/62 states that ‘This Regulation shall enter into force on the day following that of its publication in the Official Journal of the European Union’ (publication on 17 January 2015). Disclosure of different information regarding the Leverage Ratio is applicable since 1 January 2015 (see Art. 451 and Art. 521 (2) a CRR). According to Art. 433 CRR, disclosure shall be published at least annually, in conjunction with the date of publication of the financial statements. The EBA developed a draft ITS on Disclosure for the Leverage Ratio in June 2014 (Art. 451 (2) CRR). The harmonising standards have been sent to the EU Commission (COM) for adoption. As COM adopted the Delegated Regulation (EU) 2015/62 on the calculation of the Leverage Ratio before 1 January 2015 (Art. 456 (1)(j) CRR), the draft ITS is subject to changes. Therefore, the EBA will have to re-submit the ITS on Disclosure for adoption by the COM (answer to question 11 ‘What is the consequence of the changes for supervisory reporting and disclosure?’ of the FAQs on the Delegated Act, Memo 14-580). However, due to an implementation period of probably six months for a minor release, there is a time gap between the already applicable Delegated Regulation (EU) 2015/62 and their implementation referring to Disclosure, similar to Reporting.

Date of submission:
Published as Final Q&A:
Final Answer:

Article 521(2)(a) of Regulation (EU) No 575/2013 (CRR) requires institutions to disclose information regarding their leverage ratio and their management of the risk of excessive leverage in accordance with Article 451(1) of that Regulation starting from 1 January 2015.

The abovementioned requirement applies irrespective of the absence of the implementing technical standard (ITS) mandated in Article 451(2) of the CRR on the uniform disclosure template. Until this ITS is adopted by the Commission, institutions may choose the form in which they disclose the information listed in points (a) to (e) of Article 451(1) of the CRR.

The information to be disclosed in accordance to points (a) to (c) of Article 451(1) of the CRR shall be calculated in accordance with Part Seven of the CRR as modified by Commission Delegated Regulation (EU) 2015/62.


This question goes beyond matters of consistent and effective application of the regulatory framework. A Directorate General of the Commission (Directorate General for Internal Market and Services) has prepared the answer, albeit that only the Court of Justice of the European Union can provide definitive interpretations of EU legislation. This is an unofficial opinion of that Directorate General, which the European Banking Authority publishes on its behalf. The answers are not binding on the European Commission as an institution. You should be aware that the European Commission could adopt a position different from the one expressed in such Q&As, for instance in infringement proceedings or after a detailed examination of a specific case or on the basis of any new legal or factual elements that may have been brought to its attention.

Final Q&A
Answer prepared by:
Answer prepared by the European Commission because it is a matter of interpretation of Union law.
Note to Q&A:

Update 26.03.2021: This Q&A has not yet been reviewed by the European Commission in the light of the changes introduced to Regulation (EU) No 575/2013 (CRR).