Question
How should Credit Unions be classified for ALMM reporting?
Background on the question
The LCR Delegated Act 2015/61 Article 28.1 states that for the purposes of LCR reporting Credit Unions can be classified as Non Financial Corporates. Can this classification also be used for the ALMM reporting or should they be classed as NBFI?
Answer
Template C 68.00 Annex XVIII to Regulation (EU) No 680/2014 (ITS on Supervisory Reporting) makes reference to the customer groups ‘financial customer’ and ‘non-financial customer’. Legal entities that perform one or more of the activities or fall under the categories referred to in Article 411(1) of Regulation (EU) No 575/2013 (CRR) or Article 3(9) of Regulation (EU) 2015/61 (LCR DA) shall be regarded as ‘financial customers’. Annex XVIII does not provide for any exemptions from this definition.