A Swiss private and investment bank has extended its use of the AxiomSL regulatory reporting platform wherever there is major regulatory change in a part of the world for which it caters; Ireland is the latest venue.

AxiomSL is a well-known global provider of regulatory reporting and risk management IT, has announced that a major global Swiss bank has decided to expand its use of its platform to support reporting to the Central Bank of Ireland, including new monetary and interest rate disclosures mandated by the European Central Bank (ECB).

The Swiss private and investment bank has been using AxiomSL for almost a decade. It first implemented the AxiomSL platform in the UK for reporting to the Bank of England and the old Financial Services Authority. This done, it decided to deploy the platform in the US and then in the Asia-Pacific region where it is used in Singapore, India, Korea, Australia and Japan. The bank also uses AxiomSL for headquarters reporting in Switzerland.

The latest project in Ireland was prompted by the implementation there of the ECB’s Balance Sheet Item (BSI) and Monetary Financial Institution (MFI) Interest Rate (MIR) reporting requirements. BSI/MIR is the ECB’s new statistical reporting framework for financial firms’ balance sheet items and interest rates. It continues the European Union's move towards more granular, taxonomy-based reporting structures.

The Swiss bank will also use AxiomSL to automate other reporting to the Central Bank of Ireland, including the preparation and submission of Resident Offices Returns (RS2), Survey of Credit Institutions Returns (CRS2), Maturity and Sectoral Returns (MTS), Revaluation Adjustment Returns (RV2), Reclassification Adjustments Returns (RC2) and Analysis of Lending and Deposits Returns (SQ2). The platform supports traditional (e.g. XML) and taxonomy-based (e.g. XBRL) reporting requirements in multiple jurisdictions.