IReF: 2025 Progress and the 2026-2029 Roadmap
Our December 2025 webinar, featuring Suade's Senior Implementation Specialist Kira Snow alongside Diogo Alves (Senior VP Finance and Regulatory Reporting at Itaú Europe) and James Osmond (Regulatory Reporting Expert), captured IReF's transformation from concept to concrete challenge. With Q4 2029 implementation looming, banks enter 2026 facing fundamental questions about data architecture, strategic choices and granular reporting.
This recap outlines 2025 developments and charts priorities for the years ahead.
IReF Fundamentals: Granular Data Replaces Templates
IReF (Integrated Reporting Framework) represents the ECB's boldest reporting overhaul. Starting Q4 2029, it replaces template-based submissions (BSI, MIR, SHS, parts of AnaCredit) with one granular dataset at trade or account level. Banks submit instrument-by-instrument data using ECB-defined attributes, which the ECB then aggregates for analysis.
The promise: one dataset replaces multiple templates, cutting reporting burden while boosting quality, transparency and comparability. The reality: granular submission demands end-to-end process redesign from source systems to submission, including strong governance, data quality and full traceability. BIRD (Banking Industry Reference Data) acts as enabler, providing attribute definitions and transformation guidance, though data quality fixes remain banks' responsibility.
2025: Extension Buys Time, Focus Shifts to Foundations
The timeline shift to 2029 acknowledged industry unreadiness for the original 2027 target. Webinar speakers agreed: earlier deadlines underestimated data maturity challenges. Banks now view IReF as journey, not project.
Diogo Alves described Itaú Europe's multi-year evolution toward granular "regulatory foundations" database, reaching cash flow level for liquidity while tackling BCBS239 lineage and ownership. James Osband emphasised architecture review: legacy sprawl from mergers, manual overlays and inconsistent dictionaries undermine granular reporting. Smaller banks enjoy agility; larger institutions face system rationalisation.
Implementation Hurdles: Data, Not Just Technology
IReF exposes three core challenges. First, source systems must capture granular attributes without overlays. Manual adjustments shift upstream; high-level aggregates won't suffice. Second, centralised warehouses need consistent dictionaries across upstream feeds. Third, traceability demands mature lineage, impossible with siloed legacy or ad-hoc fixes.
BIRD helps with mappings but doesn't fix upstream quality. Cross-jurisdiction divergence compounds complexity: AnaCredit scopes vary, statistical reporting philosophies differ. Regulators watch closely: PRA Section 166 reviews probe data processes; BoE's Transforming Data Collection echoes granular ambitions; OSFI eyes data point models.
Build, Buy or Transform? Strategic Crossroads
James outlined trade-offs. Internal build offers control and knowledge retention but demands large upfront costs, ongoing maintenance and regulatory update capacity. Vendor solutions deliver standardised dictionaries, scalability across reports, automatic IReF updates and consistency (e.g. AnaCredit-to-IReF reuse), though license fees, implementation projects and lock-in apply.
Diogo shared Itaú's path: initial end-to-end ambition met data immaturity, prompting regulatory foundations first. Cross-functional input (IT, risk, compliance) vetted vendors on jurisdiction coverage, regulator partnerships and financials.
Result: hybrid leveraging internal maturity with vendor scalability for multi-jurisdiction needs.
Ripple Effects: Beyond Eurozone, Beyond Compliance
IReF drives organisation-wide change. Granular "single source of truth" serves regulatory, MI and analytics, freeing skilled staff from manipulation. Cross-validation across AnaCredit, FinRep and statistical reports strengthens compliance. James highlighted strategic upside: centralised golden source enhances decision-making, eases new regulation, yields competitive edge.
Globally, regulators eye IReF's proof-of-concept. EBA ponders FinRep/COREP granular shift; US loan/securities discussions intensify; BoE and OSFI signal similar trajectories. Multi-jurisdiction banks like Itaú prepare classifications (counterparties, protections, transactions) anticipating supranational standards.
2026-2029 Priorities: Start Now, Think Strategically
James: Conduct end-to-end data process review. Fix upstream quality before transformation layers; invest in golden source for regulatory and business advantage.
Diogo: Build granular single source of truth; embed BCBS239 governance; test granularity on existing templates (AnaCredit first).
2026 priorities: Assess architecture maturity; rationalise sources; define data strategy. 2027-2028: Implement BIRD mappings, pilot granular flows, strengthen lineage. 2029: Parallel run, go-live.
How Suade Powers IReF Readiness
IReF demands granular data, traceability and scalability. Suade delivers standardised models absorbing bank source data into ECB attributes, with full AllTags lineage from input to IReF output. Multi-jurisdiction coverage handles AnaCredit divergence; RegWatch tracks ECB consultations and BIRD updates. Clients test granular pilots early, validate via reconciliations, and scale seamlessly to IReF while reusing data for FinRep, AnaCredit and beyond.
As 2026 begins, Suade transforms IReF from threat to opportunity: compliant granular reporting supporting business insight, not just ECB submission.