From January 2023, firms will submit their BIFR forms to the CBI in XBRL, instead of using Excel. Find out more...
The Central Bank of Ireland has announced that the format of Bank and Investment Firm Resolution Fund (BIFR) reporting is changing.
From January 2023, the BIFR form is expected to be completed exclusively in XBRL-XML, rather than the previous Excel format, for the 2023 BIFR ex-ante contribution cycle. The 2022 ex-ante cycle was the last one in which the CBI will accept the data in Excel format.
The BIFR return applies to all credit institutions, Irish-authorised branches of credit institutions authorised in a non-European Economic Area territory (third-country branches), and investment firms in the scope of BRRD.
These institutions should complete the reporting form using the information at the reference date, which corresponds to the balance sheet date of their latest approved financial statements available before 31 December of the year prior to the contribution period.
The 2023 ex-ante contributions cycle began in Q3 of 2022. The form should be submitted using the CBI’s online reporting system by early January of the following year, closing phase 1 of the cycle. Subsequent levy notices and payments are made in May and June respectively, of the actual year of the contribution period, closing phase 2 of the cycle.
More information and the BIFR taxonomy are available here.