BIS central bankers’ speeches  3  In this respect, we have to be mindful of banks’ concerns about compliance costs, the complexity of the new framework and its cumulative impact. Inconsistencies between the different levels of legislation should be avoided. At the same time, more clarity about the interaction between the various acts and measures would be welcome.
We agree on the need to standardise and streamline data reporting initiatives to reduce unnecessary burdens for banks. Proportionality must guide action in the reporting area if we want to be consistent with the objective of preserving diversity of business models within the EU.