Whilst the ECB is moving ahead with AnaCredit (Analytical Credit Dataset), a European credit data registry, Sven Giegold, MEP, filed a complaint with the Ombudsman. The project would require banks to report data on all loans in excess of EUR 25 000 to the central bank.
Supported by more than 900 board members of German banks, the complaint calls for more transparency and a public consultation on AnaCredit. Despite the fact that the Ombudsman rejected the complaint, as the legal basis for AnaCredit has not yet been adopted, she did call for the ECB to hold a consultation.
Comments can be sent until the 29th of January. The draft of the AnaCredit regulation, as well as the public consultation, can be found here.
Sven Giegold welcomes the fact “that finally the ECB softens their stance. ECB regulations should honour EU standards of good legislation as for usual laws as well” and adds that ”this includes a public consultation.” He holds that the ECB, having the power to set rules independently, should respect the highest standards of cost-benefit analysis, public participation and transparency.
More information can be found here.
The final text for the letter of complaint to the European Ombudsman can be found here.