Why Mizuho Trust & Banking (Luxembourg) S.A. chose FERNBACH’s FlexFinance IFRS solution
When the FINREP and COREP regulations introduced IFRS and Basel II reporting requirements to Luxembourg for the first time, Mizuho Trust & Banking (Luxembourg) S.A. implemented FERNBACH’s FlexFinance IFRS solution. Thanks to FERNBACH’s implementation templates, the solution was successfully implemented, ensuring that the bank was ready to comply with its new filing requirements.
FINREP and COREP: The challenge for Mizuho Trust & Banking (Luxembourg) S.A.
Mizuho Trust & Banking (Luxembourg) S.A. specialises in fund administration. The Luxembourg branch manages assets and funds on behalf of Japanese customers who wish to invest in Luxembourg.
From 1 January 2008, the Luxembourgish Supervisory Authority ‘Commission de Surveillance du Secteur Financier’ (CSSF) has introduced the FINREP and COREP regulations as uniform reporting requirements using a complete XBRL taxonomy for European banks. The aim is to enable banks’ financial reports to be comparable, to simplify the exchange of year-end financial data and to make regulatory reporting more cost effective.
“The new FINREP and COREP regulations meant we had to comply with the Basel II and IFRS requirements for the first time,” said Christophe Coutelet, head of IT department, Mizuho Trust & Banking (Luxembourg) S.A. “Our core banking system was based on Luxembourg GAAP, so we needed a solution that would enable us to be IFRS compliant.”
The implementation timescales were tight: Mizuho Trust & Banking (Luxembourg) S.A.’s project began in July 2007 and the regulations were to take effect the following January.
