Statistical Notice 2023/01

The Bank of England (BoE) has published a follow-up press statement (Statistical Notice 2023-01) in connection with its proposal to aggregate certain (statistical) reporting data submitted by financial institutions subject to the supervision of the Prudential Regulation Authority (PRA) in the Bank’s own disclosures (please see EventID #16952 for the original proposal and EventID #18489 for the first update on the proposal).
To recall, financial institutions must report on a regular basis certain statistical data via the BoE’s new BEEDS (Bank of England Electronic Data Submission) portal. The BoE uses certain information of this data for its own publications. The BoE subsequently proposed to seek prior consent from financial institutions to publish the obtained data on an aggregate basis, if an institution is the sole contributor to the aggregate data or if there’s only one other firm (a total of two) to contribute to the aggregate. The consent or rejection thereof will be valid for one year and the BoE will seek consent for each form individually.
Specifically, the BoE now announces the launch of a survey in this context addressed at UK resident banks and buildings societies to get this consent. Institutions thereby have the following four options – as quoted:
1. Give prior consent for all statistical forms
2. Give prior consent on a form-by-form basis
3. Give prior consent with the exception of certain data points
4. Opt out and give consent on a case-by-case basis
The survey will be open for comment up to March 30, 2023. Financial institutions not participating in the survey will be locked in under option (4). Financial institutions that wish to change their selected option may do so by sending an e-mail to BEEDSqueries@bankofengland.co.uk.