The Bank of Lithuania has reached an important milestone of the data management programme: banks operating in Lithuania have started to provide supervisory information to REGATA, a state-of-the-art reporting system. It will reduce the administrative burden on financial market participants and enable more efficient data management.
“The amount of information provided to the Bank of Lithuania as well as the need for cross-cutting analysis are constantly increasing, and the pace is accelerating. At the same time, it is important to ensure that financial market participants are able to report as quickly and easily as possible by employing the M2M (machine to machine) functionality. REGATA will help to achieve both of these objectives, by bringing together technological solutions that will ensure efficiency not only in the present, but also in the future,” says Ramūnas Baravykas, Director of the Data and Statistics Department of the Bank of Lithuania. He also thanked financial market participants who helped to improve the system during five months of intense testing.
REGATA is part of the Data Management Programme (DAMAMA) implemented by the Bank of Lithuania. It is a next-generation technological platform designed for collecting and processing regulatory reporting information provided by financial market participants.
It will allow the Bank of Lithuania to collect reports from financial market participants and manage data more effectively. REGATA will allow financial market participants to optimise the reporting and data collection process by submitting data through both the portal and the application programming interface (API). In addition, financial market participants are now able to connect to the system through the E-Government Gateway, which was not possible before. REGATA will replace the two existing reporting systems, thus reducing the administrative burden. In the first phase, banks reporting in accordance with the requirements of the European Banking Authority have been connected to the system. Insurance undertakings will be involved in the next phase, followed by representatives of other sectors.
REGATA was developed jointly by the Bank of Lithuania and the world-renowned company Regnology, offering regulatory reporting solutions since 1993.
As part of the DAMAMA programme, the Bank of Lithuania is implementing a data governance strategy. The solutions of this programme will facilitate the processes of data collection, storage, analysis, aggregation and reporting to interested institutions and bodies to the maximum extent possible. Data will be stored on a common data platform and made available in real time. This will enable convenient generation of relevant reports or data sets at a chosen level of detail. The objectives of the programme are planned to be achieved gradually by mid-2025.
Valuing data as an asset and seeking to maximise added value, the Bank of Lithuania has taken the lead in this area and is seeking fundamental changes through modern data management solutions. In 2021, the central bank won the prestigious Central Banking award for achievements in this area.
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