What if your bank could replace five separate regulatory submissions with just one?

What if the days of reconciling conflicting definitions, timelines, and formats were behind you, freeing your teams to focus on strategy and growth?

That’s not wishful thinking. In Q4 2029, the Integrated Reporting Framework (IReF) will unify statistical, prudential, and resolution reporting across the euro area, reshaping the regulatory landscape. For banks that prepare now, this is an opportunity to cut complexity, boost efficiency, and strengthen competitiveness.

The European Central Bank (ECB), in collaboration with the Joint Bank Reporting Committee (JBRC) and the Banking Integrated Reporting Dictionary (BIRD), is driving this transformation to streamline data collection, harmonise definitions, and unlock a more consistent, high-quality regulatory reporting ecosystem.

The reporting maze banks face today

European banks currently navigate a patchwork of overlapping obligations, including:

• ECB statistical regulations on balance sheet items and interest rates of monetary financial institutions
• Sectoral module of Securities Holdings Statistics (SHS-S)
• Granular credit and credit risk data (AnaCredit)
• EBA technical standards on supervisory data
• SRB resolution reporting

This fragmented landscape leads to inconsistencies in national data models, reporting definitions, transmission schedules, and aggregation levels, driving up operational costs and making compliance a constant balancing act.

The IReF vision: one standard, one submission

IReF’s ambition is bold but clear: replace the complexity of today’s fragmented reporting with a single, standardised framework across the euro area.

Key improvements include:

• Full integration of statistical, prudential, and resolution reporting in one unified framework
• Standardised logical data model to ensure consistency and eliminate conflicting national approaches
• Common data dictionary to guarantee precision and comparability across jurisdictions
• Enhanced quality controls to maintain data integrity in line with statistical standards

The July 2025 JBRC update confirmed that harmonisation will extend beyond core IReF content to include sustainability (ESG) and resolution reporting, building toward a fully integrated, cross-framework reporting ecosystem.

Laying the groundwork for change

One of JBRC’s top priorities in 2025 is aligning IReF with other critical frameworks, particularly FinRep. The scope will expand to ESG and resolution reporting in the coming months, creating a consistent data foundation across supervisory, statistical, and sustainability requirements.

The forthcoming ECB Regulation will replace existing reporting requirements and is currently undergoing public consultation, ensuring industry voices are reflected in the final design.

The road to 2029

The ECB’s updated timeline, announced on 4 December 2024, reflects extensive industry input since 2018. Originally slated for 2027, IReF will now launch in Q4 2029, preceded by a one-year pilot phase.

Key milestones ahead:

• Late 2025: Publication of the detailed implementation roadmap
• 2023–2029: Investigation phase defining business and IT requirements, refining reporting processes, and testing technological solutions

How banks can get ahead

Forward-looking banks will use the next four years to prepare, not just comply. Steps to consider now:

• Assess data architecture: Implement intelligent tagging and data pipelines aligned to IReF standards
• Budget for transformation: Include costs for technology upgrades, cloud adoption, and dual reporting during transition
• Automate and integrate AI: Identify opportunities to expand automation in reporting processes
• Build capability: Ensure teams have the expertise and capacity to handle new reporting demands

How EY can help

EY combines deep regulatory insight with advanced technology to help banks navigate IReF with confidence:

• Deep domain experience: Drawing on our extensive track record across related regulatory data requirements, including BCBS239 & RDARR, Asset Quality Reviews, credit risk modelling, and Loan Origination & Monitoring guidelines, to ensure a robust, future-proof approach to IReF
• Data transformation expertise: Leveraging our experience in finance and risk data modernisation
• Emerging technologies: Applying AI and analytics via EY.ai, the Responsible AI Framework, and EYQ GenAI to boost efficiency and accuracy
• Harmonisation tools: Delivering cloud-native, AI-driven platforms such as EY Nexus to improve transparency between banks and regulators
• Regulatory insights: Providing guidance from former regulators and industry experts

The time to act is now

IReF isn’t just another compliance exercise—it’s a rare chance to simplify, standardise, and strengthen reporting for the long term. Those who prepare early won’t just meet the deadline, they’ll enter 2030 with leaner operations, cleaner data, and a sharper competitive edge.