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Dexia

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  • 1. XBRL CEBS Workshop Amsterdam, 6-7 November 2007 Giancarlo Pellizzari Head of Prudential Policy Dexia Group
  • 2. Agenda 1. Dexia and XBRL: a reminder 2. FINREP: the first step to a Dexia “public” taxonomy XBRL CEBS Workshop – Nov ‘07
    • FINREP challenges
    • The FINREP Common Trunk (FINREP TC)
    • The link with our financial statements
    • The first step to a Dexia’s financial statements taxonomy
    • Introduction
    • Dexia’s views on XBRL development
    • Organization and structure
    • Some words on COREP
    3. Conclusions
  • 3. Dexia and XBRL : a reminder
    • Dexia Holding: 23,2 EURBn Capitalization, world leader in public financing
      • Dexia Bank Belgium
      • Dexia Crédit Local (France)
      • Dexia BIL (Luxembourg)
      • FSA (Financial Security Assurance) – USA – Credit enhancement
      • Dexia Insurance Belgium
      • Deniz Bank (6th largest private bank in Turkey)
      • Factoring, leasing, real estate, IT, etc.
    • A group of 241 entities, 33.321 staff members and present in 33 countries
    Introduction : What is Dexia? XBRL CEBS Workshop – Nov ‘07
  • 4. Dexia and XBRL : a reminder Introduction : What is Dexia? XBRL CEBS Workshop – Nov ‘07
  • 5. Dexia and XBRL : a reminder
    • Home – host supervisors:
    • Home supervisors (working in a college)
      • CBFA – Belgian Banking, Finance and Insurance Commission (as lead supervisor)
      • The French Commission Bancaire
      • Commission de Surveillance du Secteur Financier (Luxembourg) - CSSF
    • Host supervisors
      • EU supervisors
        • Bundesbank – Bafin (Germany)
        • Banca d’Italia (Italy)
        • Banco d’Espana (Spain)
        • Etc.
      • Other countries
        • BRSA (Turkey)
        • SEC (USA)
        • OFSI (Canada)
        • Japan FSA
        • Singapore
        • Etc.
    Organization and structure: the regulatory environment XBRL CEBS Workshop – Nov ‘07
  • 6. Dexia and XBRL : a reminder
    • COREP and FINREP reporting:
    • COREP
      • 23 COREP to deliver to 12 different regulators
      • 7 other Basel II reporting to other 7 regulators
      • Of which:
        • 4 regulators requiring XBRL
        • 3 using XBRL as an option
    • FINREP
      • 13 FINREP to deliver to 8 different regulators
      • Of which:
        • 4 regulators requiring XBRL
        • 3 using XBRL as an option
    Organization and structure: the regulatory environment XBRL CEBS Workshop – Nov ‘07
  • 7. Dexia and XBRL : a reminder Organization and structure: infrastructure XBRL CEBS Workshop – Nov ‘07 BE LU FR SAP Holding MAGNITUDE COMMON PARAM SPEC. LOCAL PARAM DBB DCL DBL STATUTORY CONSOLIDATED CONSO DHLD CONSO DBB CONSO DCL CONSO DBL VISUAL SCOPE MIS CONSO ESSBASE CHECK CHECK INTERNAL REPORTING EXTERNAL REPORTING
  • 8. Dexia and XBRL : a reminder Organization and structure: infrastructure XBRL CEBS Workshop – Nov ‘07 Accounting systems Management systems Booking entityX Files DMV3 INPUT datas Detailed results FERMAT RWA calculation engine Regulatory reporting Aggregated results Market risks Aggregated results Credit risks Aggregated results Operational risks Data’s Equity COREP forms FINREP forms Aggergated results Accounting MAGNITUDE Market risk Operational Risk FERMAT J-Port
  • 9. Dexia and XBRL : a reminder
    • Use XBRL as a tool for more harmonization, flexibility and gain of time both vertically and horizontally
    • We thus need:
      • XBRL at the beginning of the reporting processes (public, COREP, FINREP and internal)
      • Softwares that read XBRL
      • One integrated database (kind of Group taxonomy)
    • “ One fits all”
    • This is more efficient if XBRL used by “non-regulators” (Tax in Netherlands, AML in Spain, Ministry of Finance in Belgium, Central balance sheet offices, etc.)
    Dexia’s views on XBRL development XBRL CEBS Workshop – Nov ‘07
  • 10. Dexia and XBRL : a reminder
    • The main issue in COREP is the “ risk gathering ”, i.e. COREP is build using information from different departments working in different ways (FINREP is “easier” on this because produced by only one department):
      • Accounting, Operational risk and market risk decentralized on a centralized system
      • Credit risk centralized on a centralized system
      • Other banks may have other structures (but this is often the one chosen for cross-border groups)
    • This combined with the “national discretions” for COREP implementation makes it a nightmare
    Some words on COREP XBRL CEBS Workshop – Nov ‘07
  • 11. Dexia and XBRL : a reminder Some words on COREP XBRL CEBS Workshop – Nov ‘07 Etc. Finrrep xbrl Etc. Etc. Exel template Finrep Xbrl taxonomy Finrep Creating Excel Construction XBRL and validation Excel template Belgian Corep Xbrl taxonomy Belgian Corep XBRL Corep Feed manuel corrections (automatic) UBMatrix/ ReportBuilder (XBreeze) Oracle Input via scripts Operational systems ETL BO universe XBRL database
  • 12. FINREP: the first step to a Dexia “public” taxonomy
    • Link with IFRS and banks’ financial statements
    • National discretions:
      • CEBS guidelines not always clear
      • CEBS guidelines not always respected by member states
      • Changes in the “business format” may have insidious impact on the taxonomy (deleting a line changes the definition of the total – unless “among which”)
      • Additional information inconsistent with the CEBS format
      • Sometimes, regulators may give interpretations to IFRS rules
    • Dimensions:
      • Preferred instead of tuples (link with IASCF?)
      • More standardization may be a benefit (exhaustive list of flows used throughout FINREP)
      • Definitions of some dimensions (counterparties => links with COREP, ECB, etc.)
    • Translations may add confusion (or precision)
    • Better definition of the concepts for the IASCF but not only (equity detail)
    FINREP challenges XBRL CEBS Workshop – Nov ‘07
  • 13. FINREP: the first step to a Dexia “public” taxonomy
    • “ The same information should be produced only once”
    • as such, certain elements have been defined as common i.e. :
      • Elements requested by the 3 mains regulators (CB, CBFA, CSSF)
      • Elements requested by the holding (in the consolidated financial statements)
    The FINREP CT: the principle XBRL CEBS Workshop – Nov ‘07
  • 14. FINREP: the first step to a Dexia “public” taxonomy
    • Counterparties
    The FINREP CT: practical issues XBRL CEBS Workshop – Nov ‘07
  • 15. FINREP: the first step to a Dexia “public” taxonomy
    • CEBS’ B/S
    The FINREP CT: examples XBRL CEBS Workshop – Nov ‘07
    • CB’ B/S
  • 16. FINREP: the first step to a Dexia “public” taxonomy
    • CSSF’ B/S
    The FINREP CT: examples XBRL CEBS Workshop – Nov ‘07
  • 17. FINREP: the first step to a Dexia “public” taxonomy
    • CBFA’ B/S
    The FINREP CT: examples XBRL CEBS Workshop – Nov ‘07
  • 18. FINREP: the first step to a Dexia “public” taxonomy
    • Dexia’ B/S
    The FINREP CT: examples XBRL CEBS Workshop – Nov ‘07
  • 19. FINREP: the first step to a Dexia “public” taxonomy
    • Dexia’ B/S: links with Magnitude’s chart of account
    The FINREP CT: examples XBRL CEBS Workshop – Nov ‘07
  • 20. FINREP: the first step to a Dexia “public” taxonomy
    • According to the principles applied to FINREP, we have to map FINREP tables to the financial statements. It implies that:
      • Interpretations used for financial statements and mapping from financial statements to magnitude accounts have to be applied for FINREP
      • The detail in the financial statements have to be reproduced in FINREP
      • Analysis of the financial statements will be mapped to the FINREP tables
    Links with our financial statements XBRL CEBS Workshop – Nov ‘07
  • 21. FINREP: the first step to a Dexia “public” taxonomy
    • Example 1: link from F/S to FINREP
    Links with our financial statements XBRL CEBS Workshop – Nov ‘07
  • 22. FINREP: the first step to a Dexia “public” taxonomy
    • Example 2: additional detail
    Links with our financial statements XBRL CEBS Workshop – Nov ‘07
  • 23. FINREP: the first step to a Dexia “public” taxonomy
    • Taxonomies
      • IASCF
      • FINREP
      • CBFA
      • CB
      • CSSF
    • Dexia ?
      • For financial statements
      • For FINREP
      • What would be the link with COREP taxonomy (if one could exist?)
      • For tax purposes ?
      • Others ?
    The first step to a first Dexia’s financial statements taxonomy XBRL CEBS Workshop – Nov ‘07
  • 24. Conclusions
    • Dexia has developed strong links between FINREP and its published financial statements. This will help for the Pillar 3 publication.
    • From recent CEBS’ Public Hearing on supervisory reporting:
      • Long term: CEBS intention to have harmonized reporting for 2011
      • Short term:
        • Issues : differences in procedure, definitions, national implementation and IT
        • Solutions:
          • Group-wide basis
          • Home-host perspective
          • Where it is relevant
          • Case by case basis.
    • “ Promote” FINREP outside Europe (Morocco, Croatia and others)
    Conclusions XBRL CEBS Workshop – Nov ‘07

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