The first phase consists out of the main balance sheet reporting series: the 720 series which replaces the 320 series. All Phase I returns are replacements of existing returns. Note that form 721 on repo's (replacing 320.5) has been moved to Phase III.
In this blog-post we provide an overview of the reporting requirements and background on the key reporting data concepts in Phase I. The goal is to give you a general idea about the extent of the reporting requirements and potential challenges. It is by no means intended to replace the 395 pages of reporting standards and accompanying guidelines published on APRA's website.
Who will need to submit phase I returns?
Banks & non-bank ADIs with a balance sheet total over AUD 200 Million and RFCs with a balance sheet over AUD 50 Million. The following table provides a further breakdown which includes the reporting frequency:
Which data is required?
All phase I returns relate to outstanding balance sheet positions at reporting date. ARF720_0(A/B) represents the full balance sheet on a domestic book basis. All other returns represent a sub-section of assets or liabilities broken down by instrument and counterparty data dimensions.
Overall we have identified 35 individual attributes required on the asset side and 22 individual attributes on the liability side. Product and counterparty data elements will have to be supplemented with general "accounting data" which typically resides in the GL system for certain balance sheet sections (e.g. fixed assets, equity, etc). One form also requires details about the "protection received" (e.g. the residential property serving as collateral for a mortgage loan).
The following represents an overview of the reporting attributes allocated to the individual Phase I Forms: