Bank of Spain has finished a project, the aim of which is to develop a Financial Information Exchange System.

The agents with whom Bank of Spain exchanges information include credit institutions.

These credit institutions are required to report the financial information which Bank of Spain uses to carry out its regulatory and supervisory functions as the Central Bank of the Spanish financial system and report to international bodies as a member of the euro system.

New international legislation which requires that IAS/IFRS must be adopted locally as from 2005 by listed consolidated groups and which has entailed changes to circular 4/1991 affords an opportunity to apply the XBRL standard to support reporting between Bank of Spain and the institutions involved.

Within this context, Bank of Spain has finished a project, the aim of which is to develop a Financial Information Exchange System that supports the reporting between Bank of Spain and credit institutions of the Public Financial Statements defined in the new circular that will replace current circular 4/91 under the XBRL standard for Public Financial Statements.

The scope of this project takes into account the following Public Financial Statements:

- Individual Balance Sheet (Schedule I.1)

- Individual Income Statement (Schedule I.2)

- Individual Statement of changes in equity (Schedule I.3)

- Consolidated balance sheet (Schedule III.1)

- Consolidated income statement (Schedule III.2)

- Consolidated statement of changes in equity (Schedule III.3)

- Individual cash flow statement (Schedule I.4)

- Consolidated cash flow statement (Schedule III.4)The credit institutions SCH, BBVA, Banco Popular, Banco Cooperativo Español, CECA, Caja Madrid, and Caixa are involved in the project in order to agree the functional and technical requirements for the information reporting and exchange process.The benefits expected to be gained from the project are as follows:

- Drive the adoption of the XBRL standard in line with international trends in market discipline.

- Increase the Spanish Financial Sector’s understanding of matters connected with the XBRL standard

- Obtain real feedback from credit institutions as to the possibility of reporting in XBRL

- Establish a more efficient and scalable communications protocol between Bank of Spain and credit institutions

- Obtain an analysis and design of what is the first real opportunity to implement an information receipt and exchange XBRL based platform with credit institutions.

- Establish an initial approach to IFRS reporting on an electronic format.

Please see additional information (currently only in Spanish) at:

http://www.xbrl.org.es/informacion/es_be_fs.html

http://www.bde.es/regulacion/contabilidad/taxonomia_es-be-fs_2005-04-11.htm

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