Kapitalmarktunion und Analytical Credit Datasets (AnaCredit)

Abstract

Micro, small and medium-sized enterprises are of particular importance for the economy in the European Union. To promote this entrepreneurial segment, the European Union and the European Central Bank see it as their task to create optimal financing conditions for their growth and innovation. Another critical priority is to expand the participation of private investors in the European capital markets. The European savings pools and personal investment resources are directed to where they are most urgently needed. As part of the Capital Markets Union (CMU), the European Commission recommends creating an EU-wide „single access point“ to obtain central access to company information. These are often only incomplete and not wholly comparable. The European Central Bank, together with the national central banks of the euro area and some central banks from countries that do not belong to the euro area, created a database with detailed credit information from banks in the euro area. These „analytical credit data sets“ (or AnaCredit for short) support the central banks in performing numerous functions, such as monetary policy decisions or macroprudential supervision. Vision: When submitting a financing request via the „single access point“, financing offers could be btained through a direct link to an exchange unit while at the same time checking the creditworthiness of the company, including the AnaCredit data. Companies in the EU should have access to diversified sources of finance at every stage of their evelopment. An industry comparison calculation provides the entrepreneur with valuable productivity figures from European competitors in anonymized form. Effect: The ESCB sees a good database that AnaCredit offers as a prerequisite for the right decisions. Investors can only make good decisions with full knowledge of the facts. During the recent CEPS discussion, the disruptions identified: „The best rules and specifications for corporate bonds are of no use if there are no issuers, no investors and no stockbrokers“ could be reduced.