EBA · 2022_6340 Rejected question

Documentation language - Do IRB documentation need to be in English?

Regulation
Regulation (EU) No 575/2013 (CRR)
Article
169, para. 1
Topic
Credit risk
Submitted by
Individual
Submitted
2022-01-18
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Question

Does IRB documentation need to be in English? Is there any official guideline on what documentation is acceptable in non-English language?

Background

There are many Articles requiring documentation of the credit risk models (e.g. Article 169(1) of  Regulation (EU) No 575/2013 (CRR) mentions "a rating system shall be documented and applied in a manner that appropriately reflects the level of risk."), however, it is not specified whether there is any requirement that the documentation of the models is in English. Some of the model documentation is in language different to English. This may be problematic if future ECB missions (e.g. TRIM) are not fluent in the non-English language.
No answer published yet.

Original source: European Banking Authority, Q&A ID 2022_6340

This Q&A is published by European Banking Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.

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