⁍ Australia’s banking regulator plans to collect more detailed data on banks’ credit exposures and provisions from March 2022.

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⁍ The changes aim to help it use data models more efficiently and have banks submit raw rather than aggregated data.

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⁍ The letter introduces a new standard, Reporting Standard ARS 220.0 Credit Exposures and Provisions, and calls for submissions from banks by Jan. 28.

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– Starting in 2022, Australia’s banks will have to submit more detailed data on their credit exposures and provisions to the country’s banking regulator, Reuters reports. According to a letter sent to banks on Wednesday, the Australian Prudential Regulation Authority wants to “reduce the regulatory data burden on the industry, by minimizing duplication of data collections, and reducing the number of ad-hoc data requests in future.” Currently, Australia’s banks are required to report data in a number of formats, including a table form. The new standard the banks will be required to submit is called Reporting Standard ARS 220.0 Credit Exposures and Provisions.