Credit Agricole's Belgian subsidiary Landbouwkrediet is deploying Fernbach-Software's regulatory reporting software, FlexFinance, in order to introduce international accounting and reporting standards and comply with Basel II regulations.
The bank will initially install the IAS and IFRS modules from the FlexFinance package, which are due to be live by January 2005.
Following this, Landbouwkrediet will roll out Fernbach-Software's hedge management and accounting components. The vendor's Basel II IRB system will be implemented some time after 2006.
FlexFinance sources raw deal data, minimising the impact on existing core systems, and calculates cash flow generation, effective interest rate, amortised cost and fair value, which is required to comply with the IAS32 and IAS39 standards. This information is then used to generate individual or summarised booking entries in a accounting general ledger system.