EN ECB-PUBLIC  
 
OPINION OF THE EUROPEAN CENTRAL BANK 
of 21 August 2017 
on the reporting of credit data 
(CON/2017/33) 
 
Introduction and legal basis 
On 21 July 2017 the European Central Bank (ECB) received a request from the Austrian Ministry of 
Finance for an opinion on a draft law regarding amendments to the Banking Act, the Investment Fund Act and the Law on the National Bank in connection with Regulation (EU) 2016/867 (hereinafter the ‘draft 
law’)
1
.  
The ECB’s competence to deliver an opinion is based on Articles 127(4) and 282(5) of the Treaty on the 
Functioning of the European Union and on the third and fourth indents of Article 2(1) of Council Decision 
98/415/EC2, as the draft law relates to the Oesterreichische Nationalbank (OeNB) and the collection of 
financial statistics. In accordance with the first senten ce of Article 17.5 of the Rules of Procedure of the 
European Central Bank, the Governing Council has adopted this opinion. 
 
1. Purpose of the draft law 
1.1. The main purpose of the draft law is to ensure the effective implementation of Regulation (EU) 
2016/867 of the European Central Bank (ECB/2016/13)3. To this end, the draft law amends 
national reporting requirements for credit institut ions in order to avoid a duplication of reporting 
requirements. These requirements mainly relate to the reporting of credit data, which is currently 
reported through the central credit register esta blished pursuant to section 75 of the Banking Act. 
With a view to enabling the collection of data in an integrated and efficient manner, the draft law also aligns the current terminology in the Banking Act with the terms used in Regulation (EU) 
2016/867. 
1.2. Under the draft law, the OeNB must ensure th at the Financial Market Authority (FMA) is able to 
access the data reported by reporting agents in accordance with the draft law and within the scope 
of the right of reciprocity by other reporting Me mber States and the right of national central banks 
(NCBs) to deny access to other NCBs at all times, as set out in Regulation (EU) 2016/867. Where there is reciprocity, the OeNB has to make available data provided by reporting Member States 
                                                 
1  Bundesgesetz, mit dem das Bankwesengesetz, das Inve stmentfondsgesetz und das Nationalbankgesetz geändert 
werden. 
2  Council Decision 98/415/EC of 29 June 1998 on the consultation of the European Central Bank by national 
authorities regarding draft legislative provisions (OJ L 189, 3.7.1998, p. 42).  
3  Regulation (EU) 2016/867 of the European Central Bank of 18 May 2016 on the collection of granular credit and 
credit risk data (ECB/2016/13) (OJ L 144, 1.6.2016, p. 44). 
ECB-PUBLIC 
2 under Regulation (EU) 2016/867 to reporting agents and other third parties. 
1.3. Furthermore, the draft law seeks to strengthen the OeNB’s mandate of maintaining stability on the 
financial markets. In this respect, data not covered by Regulation (EU) 2016/867 is currently only 
collected from credit institutions. According to the draft law’s explanatory memorandum, this restriction has hindered the collection of data relev ant to the stability of the financial markets from 
other companies. The draft law clarifies that the OeNB may also collect such data from other 
companies active in the financial sector, including investment firms, capital management 
companies, financial institutions, (re)insurance companies and pension funds. From a technical 
perspective, the amendments ensure that the data collected pursuant to Regulation (EU) 2016/867 can be included in the OeNB’s data model, which will  facilitate the efficient collection of data within 
the scope of a multi-dimensional data model.   
 
2. Observations 
2.1 The ECB welcomes the fact that the draft law amends national reporting requirements with a view 
to ensuring the efficient reporting of credit data and avoiding reporting redundancies. This 
approach is in line with the spirit of Regulation (EU) 2016/867, the recitals of which note that, with a view to ensuring efficient reporting and adequat e interoperability with other existing or new 
reporting frameworks, national central banks should be allowed to collect the information to be 
transmitted to the ECB as a part of a broader national reporting framework and to extend the 
reporting of credit data beyond the scope outlined in Regulation (EU) 2016/867, for their own 
statutory purposes, in line with relevant national law
4
.  
2.2 The ECB notes that the previous reporting limit of EUR 350 000 per debtor should remain 
unchanged for counterparties and reporting agents that do not fall within the scope of Regulation (EU) 2016/867. The ECB understands that this also applies to financial institutions which do not fall 
within the scope of Regulation (EU) 2016/867. 
2.3 The draft law contains provisions pursuant to which the OeNB must ensure that the FMA is able to 
access data within the scope of reciprocal use by other reporting Member States and must make 
available to certain third parties, where there is the right to reciprocity, data provided by reporting 
Member States under Regulation (EU) 2016/867. The ECB understands that these provisions of 
the draft law are intended to ensure that such data is only transmitted in full compliance with the provisions of Regulation (EU) 2016/867. In this respect, it is recalled that, pursuant to Article 10 of 
Regulation (EU) 2016/867, NCBs shall use credit data reported under Regulation (EU) 2016/867 to 
the extent and for the purposes defined in Council Regulation (EC) No 2533/98 of 23 November 
1998
5
, including the confidentiality regime set out ther ein. Such data may be used, in particular, to 
establish and maintain a feedback loop in accordance with Article 11 of Regulation (EU) 2016/867 This Regulation does not give reporting agents any  right to a feedback loop. Additionally, NCBs 
have the right to deny access to other NCBs to the granular credit data that they collect for the 
                                                 
4 See recital 15 of Regulation (EU) 2016/867. 
5  Council Regulation (EC) No 2533/93 of 23 November 1998 concerning the collection of statistical information by the 
European Central Bank (OJ L 318, 27.11.1998, p. 8). 
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3 purposes of a feedback loop, except for informatio n on an institutional unit of a reporting agent 
established in another reporting Member State. Further, pursuant to this Regulation, NCBs have the right to require reciprocity as regards provis ion of granular credit data with any NCB that 
requests data from another NCB for the purposes of a feedback loop. For the sake of legal certainty, it is suggested that  the draft law, or alternatively the explanatory memorandum 
accompanying the draft law, could be usefully adapted to reflect these provisions of Regulation 
(EU) 2016/867.  
2.4 The ECB welcomes the proposed amendments to the National Bank Act, which aim to strengthen 
the OeNB’s mandate to maintain financial market  stability. These amendments are in line with the 
aim of Regulation (EU) 2016/867 to ensure, inter alia, financial stability surveillance
6. 
 This opinion will be published on the ECB’s website. 
 
 Done at Frankfurt am Main, 21 August 2017. 
 [signed] 
 
The President of the ECB Mario DRAGHI 
                                                 
6  See recital 1 of Regulation (EU) 2016/867.