An unpublished draft report written by PwC in its role as contractor for the European Commission concludes it would be good for the economy if the EU requires banks to publicly release data such as turnover, profit and loss, and taxes, on a country-by-country basis, according to an Oct. 2 article by EurActiv.
The PwC report will be used to assist the Commission in assessing the potential economic consequences of public dissemination of country-by-country reporting data by banks pursuant to Article 89 of Directive 2013/36/EU.
Article 89 requires banks to publish the country-by-country data beginning January 1, 2015, but also stipulates that the Commission must assess the economic effects of the public disclosure in a report to the European Parliament due December 31. If the Commission foresees a negative impact on the economy, the Commission can delay public release of the data.
Hired as an external contractor to assist the Commission in its assessment, PwC found no such negative impact from public dissemination of country-by-country data, EurActiv reports.
A PwC report supporting public release of country-by-country data would be a blow to banks, which are fighting public release of the data.
For more details concerning the draft, see, EurActive,
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