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Economic and financial statistics (EFS) - frequently asked questions

 

The frequently asked questions (FAQs) provide timely guidance on commonly asked reporting related questions.  The FAQs are designed to clarify reporting issues raised by Authorised Deposit-taking Institutions (ADIs) and Registered Financial Corporations (RFCs) and to assist them in meeting their reporting obligations.  APRA encourages ADIs and RFCs to report to APRA in accordance with the FAQ guidance, to the extent practicable.

The FAQs refer to the provisions of APRA's reporting standards but, until the FAQs are incorporated into the legislative reporting instruments, they do not form part of the law or create enforceable requirements.

It is APRA's practice where appropriate , to incorporate FAQ quidance into the final reporting standards, forms and instructions from time to time.  When this occurs, APRA provides formal notice to the ADI and RFC industries and the releval FAQs are remove from this page.

For reference purposes only, APRA will archive FAQs which contain guidance on matters that have been incorporated in the final reporting standards, forms and instructions.

Note: the numbering of these questions are fixed and will not change as new questions are added.


Updated: 23 February 2018.

 


Questions

Reporting Framework - General

EFS FAQ 1: What framework do the agencies envisage to ensure timely advice is provided to industry if and as questions arise?

EFS FAQ 2: Are the following returns affected by the new EFS requirements and will they be required to be produced on an ongoing basis: 320.7, 322.0, 324.0, 325.0, 330.0, 330.1 and 330.2?

EFS FAQ 11: How will the agencies ensure consistency and comparability of EFS reporting concepts and reporting methodology across the industry?

EFS FAQ 12: When does APRA expect to release reporting taxonomies?

EFS FAQ 14: Why are the due dates changing from business days to calendar days for non-monthly collections?

Reporting Framework - Implementation

EFS FAQ 3: What are the agencies' expectations for back-book treatment for information that has not previously been reported or where definitions have changed significantly? This is particularly relevant to the reporting of loan purpose on the back book.

EFS FAQ 9: What workarounds are acceptable for data that are not captured in reporting institutions' source systems?

Reporting Framework - Parallel Run

EFS FAQ 4: Should existing returns be quarantined from systems and reporting changes for the EFS data (e.g. where there are reporting concepts common to both)?

Publication

EFS FAQ 5: Could the agencies please advise which data items in the EFS collection are expected to be publicly disclosed?

EFS FAQ 10: Can APRA confirm that the cost/value of funds and margin data will not be disclosed in any APRA, ABS or RBA publications? How will this information be protected from misuse or unintended disclosure?

ARF 720.0

EFS FAQ 6: ARS 701.0 indicates that treasury-related short-term borrowings from banks should be excluded from deposits and loans. Where should such borrowings (and treasury-related short-term borrowings from financial institutions) be reported on ARS 720.0?

ARF 720.1

EFS FAQ 7: With the implementation of AASB 9 in 2018, the reporting of collective provisions in the ARF 720.1 (from March 2019) may not be comparable to balances reported in prior years. Will comparative periods need to be re-submitted?

ARF 720.2

EFS FAQ 8: Can entities that are required to report ARS 720.0 but have either no deposits or no loans (or finance leases) be exempt from reporting ARS 720.1 or ARS 720.2 as applicable?

RPG 701.0

EFS FAQ 13: RPG 701.0 indicates that the two sovereign wealth funds owned by the Commonwealth Government should be classified as Commonwealth General Government. What category should the five public asset funds under the sovereign fund be classified as? Where should state-owned future funds be included?

 

 

 


Answers

EFS FAQ 1

Question: What framework do the agencies envisage to ensure timely advice is provided to industry if and as questions arise?

Answer: The agencies have established a process to provide responses to questions raised that are likely to be of common interest via FAQs on APRA's website. Industry webinars and workshops may also be convened when appropriate for the nature and volume of questions received.

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EFS FAQ 2

Question: Are the following returns affected by the new EFS requirements and will they be required to be produced on an ongoing basis: 320.7, 322.0, 324.0, 325.0, 330.0, 330.1 and 330.2?

Answer: A number of the forms listed are not part of the data currently collected on a domestic books basis for the primary use of the ABS and RBA and therefore they do not form part of the new EFS collection. In particular, ARF 322.0, ARF 325.0, ARF 330.0, ARF 330.1 and ARF 330.2 are collected on a consolidated entity, licensed ADI or overseas operations basis; these forms are not part of the EFS collection and will continue to be reported.

The two other returns listed are informal collections that are provided on a domestic books basis and these will be rolled into the new EFS collection. Chapter 5 of the EFS consultation response paper notes that the ad hoc or informal collections of data similar to that on the ARF 720.1 (including the monthly housing loans by state informally referred to as 320.7) will be discontinued following one period of parallel reporting. Likewise, Appendix 3 of the EFS consultation response paper lists the final reporting period for the quarterly informal collection on lending and funding statistics submitted by the largest ADIs - also known as the 324.0 information - as September quarter 2019.

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EFS FAQ 3

Question: What are the agencies' expectations for back-book treatment for information that has not previously been reported or where definitions have changed significantly? This is particularly relevant to the reporting of loan purpose on the back book.

Answer: RPG 701.0 specifies acceptable ongoing or transitional proxy data items or methodologies for updating back-book reporting. Where a proxy has not been specified the agencies expect that reporting institutions will review and update their back-book treatment.

The agencies note that reporting institutions have a number of options for achieving this, including leveraging existing run-off and turnover in the back-book, and natural contact points with customers to update or collect relevant data points. Where a reporting institution believes it will be unable to source information for a data point (other than those specified in RPG 701.0) in time for the commencement of EFS reporting they should contact APRA with details of the expected timetable on which this information will be able to be provided and a proposal for an interim solution.

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EFS FAQ 4

Question: Should existing returns be quarantined from systems and reporting changes for the EFS data (e.g. where there are reporting concepts common to both)?

Answer: The agencies' strong preference would be for the existing domestic books returns to be quarantined from system changes made to report the new EFS returns. This is to allow for statistics to continue to be compiled on a consistent basis across industry until publications are switched over to the new EFS data after the parallel run period. Reporting institutions should alert agencies as soon as possible to instances where current reporting is affected by changes made in preparation for EFS reporting.

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EFS FAQ 5

Question: Could the agencies please advise which data items in the EFS collection are expected to be publicly disclosed?

Answer: As noted in the initial discussion paper, APRA will consult on changes to its statistical publications arising from the proposed changes to the EFS collection (e.g. Monthly Banking Statistics).

The RBA and ABS will also be reviewing their publications. Core publications focussed on credit stocks and flows will continue in some form (e.g. the RBA's Financial Aggregates and the ABS' Lending Finance Release). New publications are also being considered, for example the RBA is considering publishing aggregated data on average interest rates facing borrowers and depositors.

Further information on changes to publications will be made available in due course.

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EFS FAQ 6

Question: ARS 701.0 indicates that treasury-related short-term borrowings from banks should be excluded from deposits and loans. Where should such borrowings (and treasury-related short-term borrowings from financial institutions) be reported on ARS 720.0?

Answer: An inconsistency has been identified and amended. Treasury-related short-term borrowings from banks and other financial institutions should be reported as a loan in item 16 of ARS 720.0. The instruction to exclude treasury-related short-term borrowings from banks has been removed from both the loan and deposit definitions in ARS 701.0 (the latter to avoid confusion of reporting of 'deposit' positions on both sides of the balance sheet). The guidance has been updated to indicate that treasury-related short-term borrowings should be reported in item 16 of ARS 720.0.

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EFS FAQ 7

Question: With the implementation of AASB 9 in 2018, the reporting of collective provisions in the ARF 720.1 (from March 2019) may not be comparable to balances reported in prior years. Will comparative periods need to be re-submitted?

Answer: Provided the changes are implemented prior to the March 2019 reporting period, the agencies will not require that comparative periods for the existing domestic books forms are re-submitted following the implementation of AASB 9 in 2018. However, the agencies request that reporting institutions indicate from what reporting period changes will be effective.

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EFS FAQ 8

Question: Can entities that are required to report ARS 720.0 but have either no deposits or no loans (or finance leases) be exempt from reporting ARS 720.1 or ARS 720.2 as applicable?

Answer: ARS 720.1 and ARS 720.2 form an integral part of the ARS 720.0 balance sheet, but were split into separate forms for ease of review. Entities with no relevant deposits or loans (or finance leases) may submit a nil return as applicable. The agencies are not seeking to implement a different reporting threshold for these forms as the cohort of reporting entities exceeding a reporting threshold will be assessed annually, while the information on deposits, loans and finance leases will be required for any given period in which the relevant amount reported on ARS 720.0 is non-zero.

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EFS FAQ 9

Question: What workarounds are acceptable for data that are not captured in reporting institutions' source systems?

Answer: The reporting standards outline the agencies' expectations for the data to be reported. For a limited number of reporting concepts, RPG 701.0 specifies acceptable proxy data items or methodologies, including transitional measures. Where a reporting institution believes it will be unable to source information for a data point (other than those specified in RPG 701.0) in time for the commencement of EFS reporting they should contact APRA with details of the expected timetable on which this information will be able to be provided and a proposal for an interim solution.

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EFS FAQ 10

Question: Can APRA confirm that the cost/value of funds and margin data will not be disclosed in any APRA, ABS or RBA publications? How will this information be protected from misuse or unintended disclosure?

Answer: All data in the EFS collection are protected under the Australian Prudential Regulation Authority Act 1998 (APRA Act). As noted in the initial discussion paper, APRA will consult on changes to its statistical publications arising from the proposed changes to the EFS collection. Where necessary, APRA will consult industry on confidentiality further to s.57 of the APRA Act. The commercial-in-confidence nature of these data is understood and would be taken into account in any proposals for publication.

In using EFS data the ABS and RBA are bound by the general secrecy obligations of the APRA Act and conditions imposed by APRA under this Act. Additionally, the ABS is bound by the secrecy obligations in the Census and Statistics Act 1905 and the RBA by the 'protected information' provisions in the Reserve Bank Act 1999. Consistent with these obligations, both the ABS and RBA will ensure that the publication and dissemination of compilations and analyses of EFS data does not enable the identification of a particular person or organization, except where these data are already in the public domain (for example, where APRA has determined such data to be 'non-confidential').

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EFS FAQ 11

Question: How will the agencies ensure consistency and comparability of EFS reporting concepts and reporting methodology across the industry?

Answer: The EFS reporting standards and guidance set out the agencies' expectations. It is the responsibility of reporting institutions to implement reporting methodologies that are consistent with these standards; reporting institutions are also strongly encouraged to have regard for reporting guidance and seek clarification where they are unsure of the application of these standards and guidance to a particular reporting concept. Where a reporting institution is unable to meet the reporting standard, the agencies will work directly with the affected institution to identify a suitable interim solution and a transition path towards meeting the standard.

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EFS FAQ 12

Question: When does APRA expect to release reporting taxonomies?

Answer: APRA expects to be able to release the reporting taxonomies for the ARF_720 series of reporting forms during March 2018, the remainder of the EFS reporting taxonomies will be released during the second quarter of 2018.

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EFS FAQ 13

Question: RPG 701.0 indicates that the two sovereign wealth funds owned by the Commonwealth Government should be classified as Commonwealth General Government. What category should the five public asset funds under the sovereign fund be classified as? Where should state-owned future funds be included?

Answer: The five public asset funds under the two sovereign wealth funds owned by the Commonwealth Government should also be classified as Commonwealth general government. Any state-owned future funds should be classified as State, territory and local general government.

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EFS FAQ 14

Question: Why are the due dates changing from business days to calendar days for non-monthly collections?

Answer: Reporting on a business day basis requires both APRA and the reporting entities to assess the impact of both national public holidays and state-based public holidays on the actual due date for submission for each period. Different state-based public holidays result in multiple due dates for the same reporting period for reporting entities within the same industry located in various jurisdictions.

A calendar day reporting basis simplifies the reporting deadline as all reporting entities with the same reporting obligation will be required to submit reports to APRA on the same day. The due date will also be the same for each quarter (e.g. the 28th of each month following the reference period).

If the due date for a particular reporting period falls on a day other than a usual business day, the reporting entity is nonetheless required to submit the information required no later than the due date.

Monthly data collections will continue to be reported on a business day basis and, depending on the form, will have a due date of either the 10th or 15th business day of each month after the end of the reporting period.

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