Following an in-depth assessment of the implications for European statistical, supervisory, and resolution reporting frameworks, the JBRC concluded that a harmonised implementation of NACE Rev. 2.1 is essential to reduce costs for banks and enhance the analytical quality of reported data. The JBRC, therefore, recommends that institutions begin using the updated classification for all reporting with reference dates from onwards.

This coordinated approach reflects the commitment of EU authorities to ensure maximum harmonisation across Member States and minimise the reporting costs on institutions. In light of the JBRC advice, the Q&A 2024_7158 will be archived as no longer applicable.

The JBRC advice has also been consulted on and shared with the Reporting Contact Group (RCG).

NACE, the official statistical classification of economic activities in the EU, was updated to version NACE Rev. 2.1 by the European Commission in October 2022, applicable to the data transmissions to the Commission (Eurostat) relating to reference period from 1 January 2025.

The Joint Bank Reporting Committee (JBRC), jointly set up by the EBA and the ECB has been created with the aim to help in the development of common definitions and standards for the data that banks are required to report for statistical, supervisory and resolution purposes.

For more information, please refer to the JBRC on the ECB website and the EBA website.