COREP and CRD IV Liquidity reporting delayed to June 30th

It's official - the first round of Liquidity and COREP reporting submissions under CRD IV has been delayed to the end of June 2014 (however there is no change to the ITS reference dates). Rumours in this regard have been rife across Europe over the past few days, with some National Competent Authorities letting the cat out of the bag ahead of time.

But today, there is clarity as the European Banking Authority published an update on its website:

In accordance with an Opinion issued by the EBA, the remittance dates of the first set of supervisory reports will be postponed from April/May 2014 to end June 2014, but there is no change to reference dates. This decision will ensure legal coherence and clarity given the later than scheduled entry into force of the ITS.

The postponement concerns banks' submissions to competent authorities of (i) the first quarterly reports on own funds, large exposures, leverage ratio, and net stable funding ratio, with reference dates as of 31 March 2014 to end June 2014, as opposed to end May 2014, and of (ii) the first monthly liquidity reports with reference dates as of 31 March 2014 and 30 April 2014 to end June 2014 as opposed to April 2014. 

It's not unlikely that many in the industry will be breathing a sigh of relief upon notification of this temporary reprieve.