FinregE RIG Insights: Final report on draft ITS on Pillar 3 on amendments due to CRD VI and CRR 3

EBA, Pillar 3, Basel III, Compliance AI, RIG

Publication Date: 2024-06-21 | Regulator: Information Commissioner’s Office (ICO)

Title: Final report on draft ITS on Pillar 3 on amendments due to CRD VI and CRR 3

EBA, Pillar 3, Basel III, Compliance AI, RIG
Summary

The EBA has published its final report on draft implementing technical standards (ITS) related to amendments in response to CRD VI/CRR 3.  The document aims to enhance transparency and provide investors with more granular risk-based information for assessing the risk profile of institutions.

As well as providing general considerations, the document discusses specific amendments related to output floors, credit risk, market risk, credit valuation adjustment (CVA) risk, operational risk, crypto assets, and other changes.

Who are the main stakeholders involved in this report?

The main stakeholders involved in this report are:

  1. Financial Institutions: The report directly addresses financial institutions, including banks and other regulated entities, that are subject to the regulatory framework outlined in the document. These institutions are responsible for implementing the required changes to their disclosure practices and ensuring compliance with the amended regulations.
  2. Regulatory Authorities: The report is issued by regulatory authorities, such as the European Banking Authority (EBA), which play a key role in developing and enforcing regulatory standards for the financial services sector. These authorities are responsible for formulating the amendments to the regulatory framework and providing guidance to financial institutions on compliance requirements.
  3. Banking Stakeholder Group (BSG): The report mentions the views of the Banking Stakeholder Group (BSG), which represents the interests of various stakeholders in the banking sector, including industry associations, consumer organizations, and academics. The BSG provides feedback and recommendations on the proposed amendments and their potential impact on the industry.
  4. Investors and Analysts: The disclosure requirements outlined in the report aim to provide relevant information to investors and analysts for making informed investment decisions. These stakeholders rely on the accuracy and transparency of the disclosed information to assess the risk profile and financial health of financial institutions.
  5. General Public: While not explicitly mentioned in the report, the general public can be considered indirect stakeholders. The transparency and disclosure practices of financial institutions impact public trust and confidence in the financial system. The report aims to enhance transparency and accountability by ensuring that relevant information is disclosed to the public.

It is important for all stakeholders to actively engage with the report, understand the implications of the amendments, and collaborate to ensure effective implementation and compliance with the regulatory requirements.

What information should institutions provide in addition to the information disclosed in accordance with the regulation?

In addition to the information disclosed in accordance with the regulation, institutions should provide the following information:

  1. Disclosure reference date and reference period: This refers to the specific date and period to which the disclosed information pertains. It helps users of the information understand the timeframe for which the data is relevant.
  2. Reporting currency: Institutions should indicate the currency in which the disclosed information is reported. This is important for users to accurately interpret and compare the financial data.
  3. Name and, where relevant, legal entity identifier (LEI) of the disclosing institution: Institutions should clearly identify themselves by providing their name. Additionally, if applicable, they should include their Legal Entity Identifier (LEI), which is a unique identifier assigned to legal entities engaged in financial transactions.
  4. Accounting standard used (where relevant): If the institution follows a specific accounting standard, such as International Financial Reporting Standards (IFRS) or Generally Accepted Accounting Principles (GAAP), they should disclose this information. This helps users understand the basis on which the financial information is prepared.
  5. Scope of consolidation (where relevant): If the institution is part of a consolidated group, they should disclose the scope of consolidation. This includes information on which entities are included in the consolidated financial statements. It helps users understand the extent of the institution’s operations and the entities that are considered in the disclosed information.

These additional pieces of information enhance the transparency and comparability of the disclosed data, enabling users to make informed assessments of the institution’s risk profiles and compliance with regulatory requirements.

What is the Implementation date for this Regulation?

According to the provided context, the entry into force date of this Regulation is the twentieth day following its publication in the Official Journal of the European Union. The Regulation (EU) 2024/1623 (CRR 3) and Directive (EU) 2024/1619 (CRD VI) were published in the Official Journal on 19 June 2024.

However, it is stated that the Regulation shall apply from 1 January 2025. This means that starting from that date, the requirements and provisions outlined in the Regulation will be applicable to the institutions covered by it. It is important for institutions to ensure they are in compliance with the Regulation by the specified effective date.

What should institutions do if they are unable to collect the required information or use internal estimates and proxies?

If institutions are unable to collect the required information on a bilateral basis, or if they cannot use internal estimates and proxies, or if collecting or using such information would be overly burdensome for them or their counterparties, they should explain this inability in the narrative accompanying the template.

In other words, institutions should provide a clear and detailed explanation in the accompanying narrative, stating the reasons why they were unable to collect the information or use internal estimates and proxies. This explanation should outline any challenges or constraints that prevented them from fulfilling the disclosure requirements.

By providing this explanation, institutions demonstrate transparency and accountability in their reporting. It allows users of the disclosed information to understand the limitations faced by the institution and the reasons behind any omissions or deviations from the prescribed disclosure requirements.

Disclosure Requirements
Output Floor
  1. Template EU OV1: This template provides an overview of the total own funds requirements and total risk exposure amounts (TREA) for different risk categories. It is amended to consider the impact of the Output Floor in terms of the increase of TREA before and after the application of the transitional cap provided by Article 465(2) of the CRR3. The amendments align with the relevant BCBS Pillar 3 standard.
  2. Template EU KM1: This template, which focuses on institutions’ key metrics, is amended to include disclosure information on the amounts of TREA and risk-based capital ratios calculated by excluding any adjustment resulting from the application of the Output Floor. This information is referred to as “pre-floor amounts.”
  3. Template EU CMS1: This is a new template introduced for disclosure purposes. It provides information on the risk-weighted exposure amounts (RWEA) calculated using the full standardized approach compared to the actual RWEA. It also discloses the RWEA used as the base for the computation of the Output Floor at the risk level, including the application of transitional provisions of Article 465 of the CRR3.
  4. Template EU CMS2: Another new template, EU CMS2, is introduced to provide a comparison between the RWEA computed under the standardized and internal model approaches. It focuses on RWEA for credit risk at asset class and sub-asset class levels.

These amendments aim to enhance the disclosure of information related to the Output Floor, allowing external stakeholders to have a comprehensive view of the impact of the Output Floor on risk exposure amounts and risk-based capital ratios. The disclosure requirements provide transparency and facilitate a better understanding of the risk profile of institutions.

  1. IRB Approach to Credit Risk (Templates EU CR 6A, EU CR 7, EU CR 7A):
    • Institutions using the Internal Ratings-Based (IRB) approach for credit risk are required to disclose information on their exposure classes, including regional governments or local authorities, public sector entities, corporates (general, specialized lending, and purchased receivables), and retail (secured by residential real estate).
    • The templates provide a breakdown of the risk-weighted exposure amounts (RWEA) by exposure class and sub-exposure class.
    • The disclosure should include information on the calculation of RWEA, risk parameters, and the treatment of specific exposures.
  2. Exposures to Counterparty Credit Risk (Template EU CR 8):
    • Institutions are required to disclose information on their exposures to counterparty credit risk, including derivatives, securities financing transactions, and other exposures.
    • The template provides a breakdown of the RWEA by exposure class and sub-exposure class, as well as information on risk parameters and the treatment of specific exposures.
  3. Exposures to Securitization Positions (Template EU CR 9):
    • Institutions must disclose information on their exposures to securitization positions, including the RWEA and the treatment of specific exposures.
    • The template provides a breakdown of the RWEA by exposure class and sub-exposure class, as well as information on risk parameters and the treatment of specific exposures.
  4. Specialized Lending and Equity Exposures (Template EU CR 12):
    • Institutions are required to disclose information on their specialized lending and equity exposures, including the RWEA and the treatment of specific exposures.
    • The template provides a breakdown of the RWEA by exposure class and sub-exposure class, as well as information on risk parameters and the treatment of specific exposures.

It is important for institutions to refer to the specific regulations and guidelines provided by the regulatory authorities to ensure accurate and comprehensive compliance with the credit risk disclosure requirements. Additionally, institutions should consider any additional requirements or guidance provided by their local regulatory authorities.

  1. General Qualitative Disclosures for Market Risk (Template EU MR A):
    • Institutions are required to disclose a description of their strategies and processes to manage market risk in accordance with Article 435(1) of the CRR.
    • For institutions using the Alternative Internal Models (A-IMA), qualitative disclosures on objectives in undertaking trading activities, policies for determining positions in the trading book, reclassification from trading book to banking book, and internal risk transfer activities are also required.
  2. Quantitative Disclosures for Market Risk (Template EU MR B):
    • Institutions must disclose quantitative information on the calculation of own funds requirements for market risk.
    • The template provides a breakdown of own funds requirements under the simplified standardised approach, alternative standardised approach, and alternative internal model approach.
    • The disclosure includes information on financial instruments/approaches and risk categories.
  3. Credit Valuation Adjustment (CVA) Risk (Templates EU CVAA, EU CVA1, EU CVA2, EU CVA3, EU CVAB, EU CVA4):
    • Institutions using the CVA risk approach are required to disclose qualitative and quantitative information on credit valuation adjustment risk management objectives, policies, and components used for the computation of own funds requirements.
    • The templates provide a breakdown of own funds requirements for CVA risk under different approaches, as well as information on risk management frameworks and flow statements explaining changes in risk-weighted exposure amounts.
  4. Operational Risk (Template EU OP1):
    • Institutions must disclose information on the calculation of own funds requirements for operational risk under the Business Indicator Component (BIC) approach.
    • The template provides a breakdown of own funds requirements by business indicator (BI) and includes information on the calculation methodology.

It is important for institutions to refer to the specific regulations and guidelines provided by the regulatory authorities to ensure accurate and comprehensive compliance with the market risk disclosure requirements. Additionally, institutions should consider any additional requirements or guidance provided by their local regulatory authorities.

  1. General Qualitative Disclosures for CVA Risk (Template EU CVAA):
    • Institutions are required to disclose qualitative information on their risk management objectives and policies for CVA risk.
    • This includes information on the institution’s approach to managing CVA risk and the policies in place to address it.
  2. Quantitative Disclosures for CVA Risk (Templates EU CVA1, EU CVA2, EU CVA3):
    • Institutions using the standardised approach for CVA risk must disclose quantitative information on the components used for the computation of own funds requirements.
    • The templates provide a breakdown of the components under different approaches, such as the reduced basic approach, full basic approach, and standardised approach.
  3. Qualitative Information on Risk Management Framework (Template EU CVAB):
    • Institutions using the standardised approach for CVA risk are required to disclose qualitative information on their risk management framework.
    • This includes information on the institution’s risk management policies, procedures, and controls related to CVA risk.
  4. Flow Statement and Changes in Risk-Weighted Exposure Amount (Template EU CVA4):
    • Institutions using the standardised approach for CVA risk must provide a flow statement explaining changes in the Risk-Weighted Exposure Amount (RWEA).
    • This statement helps to provide transparency on the changes in exposure to CVA risk over a specific period.

These disclosure requirements aim to enhance transparency and comparability in the disclosure of CVA risk by financial institutions. It is important for institutions to refer to the specific regulations and guidelines provided by the regulatory authorities to ensure accurate and comprehensive compliance with the disclosure requirements for CVA risk.

  1. Qualitative Disclosure (Table EU ORA):
    • Institutions are required to provide qualitative information on the main characteristics and elements of their operational risk management framework.
    • This includes information on the governance structure, risk appetite, risk assessment methodologies, and key processes for identifying, assessing, monitoring, and mitigating operational risks.
  2. Operational Risk Losses (Template EU OR1):
    • Institutions must disclose information on the number and amounts of operational risk losses incurred over the past 10 years.
    • The disclosure should be based on the accounting date of the incurred losses and should consider any recoveries and exclusions.
  3. Business Indicator, Components, and Subcomponents (Template EU OR2):
    • Institutions are required to disclose information on the calculation of the Business Indicator (BI), its components, and subcomponents for the last three financial years.
    • This includes information on the value of the Business Indicator Component.
  4. Operational Risk Own Funds Requirements and Risk Exposure Amounts (Template EU OR3):
    • Institutions must disclose information on the minimum own funds requirements (OROF) for operational risk.
    • This includes the disclosure of risk exposure amounts and the calculation of the own funds’ requirements for operational risk.

These amendments aim to enhance the disclosure of operational risk-related information by introducing more specific templates and tables. The requirements promote transparency and provide stakeholders with a better understanding of institutions’ operational risk management frameworks, operational risk losses, and own funds requirements for operational risk.

  1. Transitional Prudential Treatment of Crypto Assets:
    • The disclosure requirements on crypto assets are limited to the transitional prudential treatment of institutions’ exposures to crypto assets as referred to in Article 501d(2) of the CRR 3.
    • Institutions are required to calculate their own funds requirements for crypto asset exposures in accordance with Article 501d(2) of the CRR 3.
  1. Disclosure Templates for Crypto Asset Exposures:
    • Institutions are required to disclose simple standardized prudential information on the calculation of own funds requirements for different types of crypto assets.
    • The disclosure templates for crypto asset exposures are specified in the IT solution named ‘Disclosure of exposures to crypto assets-2024-Version 1’ made available on the EBA website.
  1. Comprehensive Disclosure Framework on Crypto Assets:
    • The comprehensive disclosure framework on crypto assets, as referred to in Article 451b of the CRR 3, will be implemented when the related Basel 3 disclosure standard is finalized and the legislative proposal referred to in Article 501d(1) of the CRR 3 is adopted.
    • Until the EBA templates implementing Article 451b of the CRR 3 are effective, institutions will need to make their own judgment on what to disclose in addition to the template for the transitional prudential treatments of crypto assets.

These disclosure requirements aim to provide transparency and standardized prudential information on institutions’ exposures to crypto assets. It is important for institutions to refer to the specific regulations and guidelines provided by the regulatory authorities to ensure accurate and comprehensive compliance with the disclosure requirements for crypto assets.

  1. Disclosure of the Leverage Ratio:
    • Institutions are required to disclose the information referred to in Article 451(1), points (a) to (e), and in Article 451, paragraphs 2 and 3, of Regulation (EU) No 575/2013.
    • The disclosure should be made in accordance with the IT solution named ‘Disclosure of leverage ratio-2024-Version 1’ made available on the EBA website.
  2. Components of the Leverage Ratio:
    • The disclosure should include the components of the leverage ratio, such as the institution’s Tier 1 capital, the institution’s total exposure measure, and the leverage ratio itself.
    • The components should be disclosed in a clear and transparent manner to provide stakeholders with a comprehensive understanding of the institution’s leverage ratio.
  3. Frequency of Disclosure:
    • The disclosure of the leverage ratio should be made on a regular basis, typically in the institution’s Pillar 3 report.
    • The frequency of disclosure may vary depending on the reporting requirements set by the regulatory authorities.

These disclosure requirements aim to enhance transparency and comparability in the disclosure of the leverage ratio by financial institutions. It is important for institutions to refer to the specific regulations and guidelines provided by the regulatory authorities to ensure accurate and comprehensive compliance with the disclosure requirements for the leverage ratio.

What are the specific disclosure requirements under Titles II and III of Part Eight of Regulation (EU) No 575/2013?

Under Titles II and III of Part Eight of Regulation (EU) No 575/2013, institutions are required to make specific disclosures. Here are some key points:

  1. Article 12: Disclosure of specialised lending and equity exposures. Institutions shall disclose the information referred to in Article 438, point (e), of Regulation (EU) No 575/2013 as specified in the IT solution named ‘Disclosure of specialised lending and equity exposures-2024-Version 1’.
  2. Article 13: Disclosure of exposures to counterparty credit risk. Institutions shall disclose the information referred to in Article 439 of Regulation (EU) No 575/2013 and in Article 438, point (h) of Regulation (EU) No 575/2013 as specified in the IT solution named ‘Disclosure of counterparty credit risk-2024-Version 1’.
  3. Article 14: Disclosure of exposures to securitisation positions. Institutions shall disclose the information referred to in Article 449 of Regulation (EU) No 575/2013 as specified in the IT solution named ‘Disclosure of exposures to securitisation positions-2024-Version 1’.
  4. Article 15: Disclosure of the use of the standardised approach and of the alternative internal models for market risk. Institutions shall disclose the information referred to in Article 445(1) and (2) of and in Article 435(1), points (a) to (d), in Article 438 and in Article 455(1), points (a) to (f) and (2) and (3) of Regulation (EU) No 575/2013 as specified in the IT solution named ‘Disclosure of market risk-2024-Version 1’.

The mentioned articles and IT solutions provide a starting point for understanding the disclosure obligations under Titles II and III of Part Eight of Regulation (EU) No 575/2013. For a complete and detailed list of the specific disclosure requirements, it is recommended to refer to the relevant regulations and guidelines provided by the regulatory authorities.

What impact do the amendments have on the current regulatory framework?

The amendments discussed in the document have several impacts on the current regulatory framework. Here are some key impacts:

  1. Enhanced Disclosure: The amendments aim to enhance the disclosure requirements for financial institutions. By introducing new templates, tables, and instructions, the amendments ensure that institutions provide comprehensive and comparable information on various aspects, such as interest rate risks, environmental, social, and governance (ESG) risks, remuneration policies, and indicators of global systemic importance.
  2. Alignment with International Standards: The amendments align the regulatory framework with international standards and guidelines. For example, the amendments reflect the revised Pillar 3 framework of the Basel Committee on Banking Supervision (BCBS), including the disclosure requirements on interest rate risk in the banking book (IRRBB). This alignment promotes consistency and comparability across jurisdictions.
  3. Implementation of Legislative Changes: The amendments incorporate changes introduced by recent legislative acts, such as Regulation (EU) 2019/876 and Regulation (EU) 2024/1623. These changes address various aspects of prudential requirements, leverage ratio, net stable funding ratio, counterparty credit risk, market risk, exposures to central counterparties, and large exposures, among others. The amendments ensure that the disclosure framework reflects these legislative changes.
  4. Streamlined and Comprehensive Framework: The amendments aim to provide institutions with a comprehensive and integrated set of uniform disclosure formats, templates, and tables. By repealing and replacing previous regulations, the amendments streamline the disclosure framework, making it more coherent and user-friendly.

Overall, the amendments have a significant impact on the current regulatory framework by enhancing disclosure requirements, aligning with international standards, implementing legislative changes, and providing a more streamlined and comprehensive framework for financial institutions’ disclosures.

Suggest a control framework for the firms to comply with this regulation?

To comply with the regulations outlined in the “FINAL REPORT ON DRAFT P3 ITS ON AMENDMENTS DUE TO CRD VI/CRR 3,” financial firms should establish a robust control framework. Here is a suggested control framework that firms can consider implementing:

  1. Regulatory Compliance Governance:
    • Establish a dedicated compliance function responsible for overseeing regulatory compliance.
    • Designate a Compliance Officer with the authority and expertise to ensure adherence to the regulations.
    • Develop a compliance governance framework that includes policies, procedures, and controls to address the specific requirements of the regulations.
  2. Risk Assessment and Mitigation:
    • Conduct a comprehensive risk assessment to identify and assess the risks associated with non-compliance.
    • Develop risk mitigation strategies and controls to address identified risks.
    • Implement a risk monitoring and reporting system to ensure ongoing compliance and timely identification of emerging risks.
  3. Policies and Procedures:
    • Develop and implement policies and procedures that align with the requirements of the regulations.
    • Ensure policies and procedures are regularly reviewed and updated to reflect changes in the regulatory landscape.
    • Communicate policies and procedures to relevant stakeholders and provide training to ensure understanding and compliance.
  4. Compliance Monitoring and Testing:
    • Establish a compliance monitoring program to regularly assess adherence to regulatory requirements.
    • Conduct periodic compliance testing and internal audits to evaluate the effectiveness of controls and identify areas for improvement.
    • Implement a robust issue management process to address and remediate identified compliance gaps.
  5. Training and Awareness:
    • Provide regular training and awareness programs to employees on the regulations and their compliance obligations.
    • Foster a culture of compliance by promoting ethical behaviour and accountability throughout the organization.
    • Establish channels for employees to seek guidance and report potential compliance concerns or violations.
  6. Documentation and Recordkeeping:
    • Maintain comprehensive documentation and records to evidence compliance with the regulations.
    • Implement a robust recordkeeping system to ensure the accuracy, integrity, and accessibility of required information.
    • Establish retention periods for records in accordance with regulatory requirements.
  7. Regulatory Reporting:
    • Develop a structured process for timely and accurate regulatory reporting as per the specified formats.
    • Implement controls to ensure the completeness and accuracy of data reported to regulatory authorities.
    • Establish a review and validation process to verify the accuracy and consistency of regulatory reports.

It is important for financial firms to tailor the control framework to their specific organizational structure, size, and risk profile. Regular monitoring, testing, and review of the control framework are essential to ensure its effectiveness and adaptability to evolving regulatory requirements. Additionally, firms should seek legal and compliance expertise to ensure their control framework aligns with the specific regulations and regulatory guidance applicable to their jurisdiction.

Write me a policy based on the Credit Risk disclosure requirements?

Credit Risk Disclosure Policy

  1. Introduction
    • This policy outlines the framework and requirements for credit risk disclosure in accordance with the regulations outlined in [reference relevant regulations].
    • The purpose of this policy is to ensure accurate, timely, and comprehensive disclosure of credit risk information to stakeholders, including investors, regulators, and the public.
    • This policy applies to all employees involved in the credit risk management and disclosure process.
  2. Policy Framework
  • Compliance with Regulations:
    • The firm will comply with all applicable regulations, including [list relevant regulations], regarding credit risk disclosure.
    • The policy will be regularly reviewed and updated to align with any changes in regulations.
  • Governance and Oversight:
    • The firm will establish a dedicated Credit Risk Disclosure Committee responsible for overseeing the credit risk disclosure process.
    • The committee will consist of representatives from relevant departments, including Risk Management, Compliance, and Legal.
    • The committee will ensure the accuracy, completeness, and timeliness of credit risk disclosures.
  • Disclosure Principles:
    • Credit risk disclosures will be based on the principles of transparency, materiality, and relevance.
    • Disclosures will provide a clear and comprehensive view of the firm’s credit risk profile, including exposure types, concentrations, and risk management practices.
    • Disclosures will be made in a manner that is easily understandable by stakeholders.
  1. Credit Risk Disclosure Requirements
  • Exposure Classes:
    • The firm will disclose credit risk exposures by exposure classes, including institutions, corporates, specialised lending exposures, retail exposures, exposures secured by real estate, subordinated debt exposures, equity exposures, and defaulted exposures.
    • Disclosure templates will be used to provide a breakdown of exposures by exposure classes.
  • Internal Ratings Approach (IRB):
    • The firm will disclose information on the use of the IRB approach for credit risk, including the foundation IRB (F-IRB) and advanced IRB (A-IRB) approaches.
    • Disclosure templates will be used to provide information on the risk-based capital ratios, exposure classes, and sub-exposure classes under the IRB approach.
  • Standardised Approach (SA):
    • The firm will disclose information on the use of the SA for credit risk, including the granular risk weight treatment of different exposures.
    • Disclosure templates will be used to provide information on risk-based capital ratios, exposure classes, and alignment with BCBS disclosure templates.
  • Transitional Provisions:
    • The firm will disclose information on any transitional provisions applicable to credit risk exposures, as outlined in the regulations.
    • Disclosure templates will be used to provide information on exposures subject to transitional provisions.
  1. Roles and Responsibilities
    • The Credit Risk Disclosure Committee will be responsible for overseeing the implementation and adherence to this policy.
    • The Risk Management department will be responsible for providing accurate and timely credit risk data for disclosure purposes.
    • The Compliance department will ensure compliance with the policy and regulatory requirements.
    • All employees involved in the credit risk management and disclosure process will be responsible for adhering to the policy and providing accurate and complete information.
  2. Monitoring and Review
    • The firm will establish a process for ongoing monitoring and review of credit risk disclosures to ensure accuracy, completeness, and compliance with regulations.
    • Regular internal audits and reviews will be conducted to assess the effectiveness of the credit risk disclosure process.
    • Any identified issues or gaps will be addressed promptly, and necessary corrective actions will be taken.
  3. Training and Awareness
    • The firm will provide training programs to employees involved in the credit risk disclosure process to ensure a clear understanding of the policy and regulatory requirements.
    • Employees will be kept informed of any updates or changes to the policy or regulations through regular communication channels.
  4. Recordkeeping and Documentation
    • The firm will maintain accurate and complete records of credit risk disclosures, including supporting documentation and templates used.
    • Records will be retained for the required period as per the firm’s document retention policy.
  5. Policy Review and Updates
    • This policy will be reviewed periodically to ensure its effectiveness and alignment with regulatory requirements.
    • Updates to the policy will be made as necessary to reflect changes in regulations or internal processes.

This Credit Risk Disclosure Policy provides a framework for the firm’s credit risk disclosure activities. It ensures compliance with relevant regulations and promotes transparency and accountability in disclosing credit risk information to stakeholders.

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