The European Central Bank will demand data on about 100m loans from across the single currency area as it attempts to safeguard financial stability and ensure the effects of its monetary policy are felt across the region.
The ECB’s top-ranking governing council this week signed off on the regulations for AnaCredit, a database that will include every single business loan above the value of €25,000 made by one of the 5,000 banks operating in the euro area.
Officials from the council, which includes heads of all 19 euro area national central banks as well as six of the ECB’s most senior officials, hope AnaCredit will allow them to spot the sort of financial risks that were ignored in the run-up to the crisis.
The database, which is the biggest project undertaken by the central bank’s statistics wing, is expected to be ready by September 2018.
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