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Text Box: New Legislation FINREP and COREP The most pressing challenge for Luxembourgish banks in the next few months will be for them to have implemented a completely new set of legal reports by 01 January 2008. Not only are the IFRS or International Financial Reporting Standards concerned, but also the Basel II rules, which legislate how much capital banks have to put aside to guard against market, credit and operational risks. The new reports are commonly called FINREP or FINancial REPorting Standards for IFRS and COREP or COmmon REPorting Standards for Basel II. The impact for banks is considerable as they face mountains of IT development to reclassify instruments, calculate new ratios, implement complex models and revisit their accounting treatment of the on and off balance sheet. On top of that, they may even have to map their financial data to these new reports while keeping the old ones for comparison to view the impact of the new legislation. To confront the upheaval most banks have started adapting their IT systems. Some larger banks have finished doing so. But others -due to lack of time, IT or financial means- might still hesitate between performing manual calculations and automated ones, between modifying their current system and buying another one to obtain the required information. Text Box: To get in line with this new legislation banks can rely on Syncordis having a long experience of legal reporting. Syncordis consultants advise on the best parameters in the Accounting, Reporting, IAS and Transactional modules of Temenos T24™. They specify and develop programmes and interfaces to generate the new FINREP and COREP reporting. In short, Syncordis accompanies banks all along the project to migrate successfully and switch from the old to the new reports on 01 January 2008.

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