7. Data quality

Institutions and competent authorities should check the completeness and plausibility of the benchmarking data before they submit these data to the competent authority or the EBA. Data quality checks should include the validation rules set out in Annex VII and the ones specified, where applicable, in the technical instructions for the data collection tool.

Where there are strong fluctuations of benchmarking data over time, the institution and the competent authorities should be able to provide explanations.

When checking the plausibility of benchmarking data, competent authorities should take into account the size and number of employees of the institution and typical remuneration levels. Identified implausible data should be followed up and corrected before the submission of data.

Where benchmarking data appear to be implausible, but are in fact correct, competent authorities should inform the EBA of the underlying reasons.

Regarding submitted benchmarking data that show potential data quality issues or are considered to be implausible, the EBA may ask competent authorities to review the data or to provide the information necessary for the correct interpretation of the data.

Competent authorities should provide, as necessary, corrected data or explanations for any implausible data as soon as possible. Competent authorities should closely cooperate with the EBA to ensure that the dataset for the analysis is stable and of good quality by – at the very latest – 30 September of the year when data has been reported.

When submitting benchmarking data to the EBA, competent authorities should ensure that they also comply with EBA/DC/335 of 5 June 2020 on EUCLID ( ‘ EUCLID Decision ’ )⁶ , as amended, and that they provide institutions with any technical specifications necessary for continuous compliance with the EUCLID Decision.

6 https://www.eba.europa.eu/sites/default/documents/files/document_library/Risk%20Analysis%20and%20Data/Reporting %20by%20Authorities/885459/Decision%20on%20the%20European%20Centralised%20Infrastructure%20of%20Data%20% 28EUCLID%29.pdf

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