Form BT Monthly Reporting: The New Statistical Notice 2026/08 Test

On 15 September 2026 the Bank of England published Statistical Notice 2026/08, changing the criteria that decide which banks and building societies file the Balance Sheet return, Form BT, each month instead of once a quarter. The change is narrow on paper and material in the reporting calendar: a firm that files Form BT monthly today may move to quarterly, and a firm that does not may stay where it is, depending on which other statistical returns the Bank requires from it.

The mechanism is what matters for Form BT reporting teams. The Bank has replaced the previous monthly Form BT criteria with a linkage test tied to four returns: BE, BN, GT and ER. The Bank’s existing Form BT webpage and its published Reporting Thresholds guidance currently describe the previous criteria differently, and the Bank has said the thresholds guidance will be updated to reflect the revised test. Under the revised criteria, monthly Form BT is generally required where a firm is also required to submit specified monthly Money and Credit statistical returns, namely Forms BE, BN, GT or ER. Firms outside that set generally drop to quarterly, unless the Bank tells them otherwise.

One point sits above all the operational detail. The notice does not switch anyone over on a single date. The Bank will contact affected firms individually to confirm any change and the period from which it applies. For a reporting officer, the trigger to act is the Bank’s individual notification to the firm, not the publication of the notice.

Related reading: our note on the Bank of England RTGS standards release delay.

What Statistical Notice 2026/08 changes for Form BT reporting

Every bank and building society with a deposit-taking licence already submits Form BT at least quarterly. A subset submits it monthly. Statistical Notice 2026/08 keeps that structure and rewrites the rule for who sits in the monthly subset.

The revised criteria have two limbs and a reservation. First, a firm required to submit one or more of Forms BE, BN, GT or ER is also required to submit Form BT monthly. Second, a firm not required to submit any of those forms is generally required to submit Form BT quarterly. The reservation is that the Bank may still, at its discretion, require a firm to submit Form BT monthly even where it submits none of the four listed forms.

Read the two limbs together and the practical effect is a de-scoping for part of the population. The Bank states that, going forward, some firms currently submitting Form BT monthly will instead be required to submit it quarterly. That is the direction of travel: the monthly population is being aligned to the firms that already carry the wider Money and Credit reporting load, and firms with a lighter statistical footprint are expected to move down to the quarterly cycle.

The Bank’s existing Form BT webpage still describes size-based monthly criteria, while Statistical Notice 2026/08 sets the revised BE, BN, GT and ER linkage test and says the reporting thresholds guidance will be updated. The Bank has said it will update its reporting thresholds guidance to reflect the revised criteria, so the updated guidance document becomes the reference point to watch, in place of the size measure that used to sit inside it.

The dates that exist, and the one that does not

This is a change note with almost no fixed calendar, which is itself the trap. Statistical Notice 2026/08 does not specify a universal go-live date. A reporting officer who plans a frequency change against the 15 September publication date rather than an individual notification from the Bank would be acting on the wrong trigger.

• Notice published: 15 September 2026.
• Universal effective date: none. The criteria change does not switch firms over on a single day.
• The period from which any change applies to your firm: set out in the Bank’s individual notification to that firm.
• Notice periods for a change of frequency: to be explained in the updated reporting thresholds guidance. The Bank has signalled that the notice period for removing a monthly requirement may be shorter than the notice period for introducing one.

The Bank states only that the notice period for removing a monthly reporting requirement may be shorter than the notice period for introducing one. It does not specify either notice period or guarantee that a firm moving into monthly reporting will receive more lead time. Firms should use the period stated in their individual notification rather than infer a transition date from the notice.

Form BT and why the monthly cut matters

Form BT is the Balance Sheet return in the Bank of England’s statistics collection. It gathers the balance sheet of a reporting institution, broken down across assets, liabilities and off-balance-sheet items, with currency splits. Monthly reporters complete the form as at the last day of each calendar month; quarterly reporters complete it as at the end of March, June, September and December. The definitions of individual items sit in the Banking Statistics Definitions folder, the document the Bank refers to as the yellow folder, which each Statistical Notice updates.

Form BT data are used in the Bank’s Money and Credit release and other statistical outputs. The Bank states that it periodically reviews reporting populations to keep reporting burden proportionate while meeting statistical-quality requirements. For some published monthly balance-sheet series, data for firms that do not report monthly are grossed up to provide full-population figures.

For a firm that moves from monthly to quarterly, the operational saving is real but partial. The quarterly obligation does not disappear; the month-end run for Form BT simply stops in the intervening months. For a firm that stays monthly because it files one of the four trigger returns, nothing about Form BT itself changes. The criteria change only sorts firms into the frequency, and it does not touch the content or the item definitions of the return.

The four returns that now decide monthly status

The linkage test rests on four other statistical returns. Three of them have clear published scopes. Form ER is the Effective rates return, capturing effective interest rates on a firm’s business. Form GT is the Gilts and Treasury Bills return, capturing holdings of and positions in UK government stocks and Treasury bills. Form BN is the Additional detail of non-resident business return, adding sectoral and instrument breakdowns of a firm’s claims on and liabilities to non-residents. Form BE is the fourth trigger return in the notice; a firm required to submit it falls into the same monthly Form BT population as the others.

The word doing the work in the criteria is “required”. The test is whether the Bank requires the firm to submit one of these returns, and it does not turn on whether the firm happened to send a nil or a populated return in a given month. A firm that is in scope for Form ER but had nothing to report in a particular month is still a firm required to submit Form ER, and so still sits in the monthly Form BT population. Reading the test as “did we actually file BE, BN, GT or ER last month”, when it asks whether the firm is required to file any of them, would put a firm on the wrong frequency.

There is a second reading trap in the “one or more” wording. A single trigger return is enough. A firm required to submit only Form GT, and none of the other three, is required to submit Form BT monthly on the same footing as a firm that submits all four. The criteria do not weight the four returns or set a minimum count; any one of them pulls Form BT into the monthly cycle.

Where the obligation comes from and where the rules live

Form BT is a statistical return, and its legal foundation differs from the prudential returns that the same teams often file. The Bank of England collects monetary and financial statistics under the Bank of England Act 1998. Section 17 of that Act, headed “Power to obtain information”, allows the Bank by written notice to require specified undertakings, including deposit-takers, to provide information about relevant financial affairs that it considers necessary or expedient for its functions under Part II of the Act, with the notice able to specify the form or manner, timing and periods covered. The Bank of England (Information Powers) Order 1998 made under the Act specifies which financial affairs are relevant for that purpose. Those information powers underpin the statutory obligation to provide the applicable Bank statistical forms, and they are separate from the PRA Rulebook reporting requirements governing COREP, FINREP and other PRA regulatory returns.

A reporting team comparing Form BT obligations against a COREP or FINREP calendar would be comparing two separate frameworks. Form BT is a Bank of England statistical return submitted through BEEDS. COREP and FINREP are PRA CRR reporting modules, and CRD firms submit most PRA regulatory reports through FCA RegData. The frequency rules, definitions and change process for Form BT sit within the Bank’s statistical reporting framework, separately from the PRA’s prudential reporting rules. A team comparing its Form BT obligations against its COREP or FINREP calendar is therefore comparing separate reporting frameworks and should not assume a common submission portal.

The operative documents to keep in view are therefore specific. Statistical Notice 2026/08 announces the criteria change. The reporting thresholds guidance, once updated, will carry the working rule and the notice periods. The yellow folder holds the item definitions. The Bank’s statistical notices page keeps a running summary of items yet to come into effect, which is where a reporting team can confirm whether a change is still pending or already live.

How the change reaches your submission calendar

The route from this notice to a changed BEEDS profile runs through the Bank. A firm does not reset its own frequency. Statistical returns are submitted to the Bank through the BEEDS portal, the Bank of England Electronic Data Submission system, and a firm’s return schedule in that portal reflects the frequencies the Bank has set for it. Under Statistical Notice 2026/08, the Bank will contact affected firms individually to confirm any change to their current reporting requirements and the period from which the change will apply.

The safe operating posture is to wait for that individual notification before altering anything. A firm that reads the notice, concludes it should now be quarterly, and simply stops filing Form BT monthly would be acting ahead of the Bank’s confirmation and could create a gap in a series the Bank still expects. I would treat the Bank’s individual notification, and the reference period it names, as the operative trigger for any calendar change, and I would keep the monthly submission running until that notification arrives.

There is preparation worth doing in the meantime that does not depend on the notification. A firm can establish now whether it is required to submit any of Forms BE, BN, GT or ER, because that single fact predicts which side of the new test it lands on. A firm required to submit at least one of the four falls on the monthly side of the revised criteria; depending on its current status, that may mean remaining monthly or moving from quarterly. A firm required to submit none will generally fall on the quarterly side, subject to the Bank’s discretion. Any actual change applies from the period specified in the Bank’s individual notification. Confirming that status internally, and identifying the owner who will action the change in the submission schedule, turns the eventual notification into a routine scheduling task.

What the notice does not do

Several plausible over-readings of Statistical Notice 2026/08 go further than the text. Every deposit-taking bank and building society remains required to submit Form BT at least quarterly. A firm leaving the monthly population moves down to quarterly and stays within Form BT; the obligation is unchanged.

The discretion in the criteria runs one way, towards the Bank: it can require a firm to submit monthly even where the linkage test would otherwise put it on quarterly. Firms have no matching right to opt down to quarterly on their own reading of the criteria. The criteria give a firm no matching right to opt down to quarterly on its own reading, which is why the individual notification matters. My reading of the discretion clause is that it lets the Bank hold data-important firms at monthly regardless of which other forms they file, so a firm that expects to drop to quarterly should not assume the drop until the Bank confirms it.

Finally, the notice leaves what Form BT collects untouched. The item definitions, the currency breakdowns and the balance sheet structure are unchanged. A firm that stays monthly files exactly the same return it files today. The only variable in play is frequency, and the Bank sets that firm by firm, with no blanket switch on a fixed date.

Separate PRA banking-data reform context

Statistical Notice 2026/08 describes the Form BT change as the outcome of the Bank’s periodic review of statistical reporting populations, undertaken to keep reporting burden proportionate while meeting statistical-quality requirements. Separately, the PRA published DP1/26, Future banking data, in February 2026. DP1/26 concerns the PRA’s approach to regulatory data and expressly states that other Bank data collected for statistical purposes are outside the programme’s scope. The two initiatives therefore share a proportionality theme but should not be presented as parts of the same programme.

Frequently Asked Questions

We file Form BT monthly today but submit none of Forms BE, BN, GT or ER. Should we stop the monthly submission now?

No. The revised criteria suggest such a firm will move to quarterly, but the change applies from the period the Bank sets in its individual notification. The Bank has said it will contact affected firms directly. Keep filing Form BT monthly until that notification confirms the change and the reference month it starts from.

Does submitting a nil return for Form ER or Form GT keep us in the monthly Form BT population?

The test is whether the firm is required to submit the form, and the content of any single month’s return does not change that. A firm that is in scope for one of the four returns is a firm required to submit it, and so is generally required to submit Form BT monthly, whatever a given month’s return contains.

Can the Bank keep us on monthly Form BT even though we submit none of the four trigger returns?

Yes. The criteria reserve the Bank’s discretion to require monthly Form BT from a firm even where it submits none of Forms BE, BN, GT or ER. A firm that expects to move to quarterly on the linkage test should still wait for the Bank’s confirmation before assuming the reduction applies.

How much notice will we get before a change takes effect?

The notice periods will be set out in the updated reporting thresholds guidance. The Bank states that the notice period for removing a monthly requirement may be shorter than the notice period for introducing one; it does not specify either period or guarantee a longer period for firms moving into monthly reporting.

Does this change affect our COREP or FINREP submissions?

No. Form BT is a Bank of England statistical return, while COREP and FINREP are PRA CRR reporting modules. Statistical Notice 2026/08 changes only the Form BT frequency criteria. Form BT statistical submissions use BEEDS; CRD firms submit most PRA regulatory reports through FCA RegData.

Where do we raise a query if the notification does not match our understanding of our obligations?

The Bank directs queries on this notice to its Money and Credit Group. A firm that receives a notification it cannot reconcile with its own view of whether it is required to submit Forms BE, BN, GT or ER should raise it through that channel before changing its submission schedule.

Does moving to quarterly change how we complete the return itself?

No. The item definitions and the balance sheet structure of Form BT are unchanged. A quarterly reporter completes the same return as a monthly reporter, as at the end of March, June, September and December instead of each month end.

Related Articles

• Bank of England RTGS Standards Release Delay: how a change to the Bank’s payments infrastructure timeline affects CHAPS participants and their project plans.
• COREP Reporting Explained: the prudential own funds and capital return framework, distinct from the Bank’s statistical returns.
• FINREP Reporting Explained: the financial reporting framework covering balance sheet and profit and loss data for supervised firms.
• PRA LIAC02/26 Low-Impact Reporting Amendments: how the PRA trims reporting burden through low-impact rule changes.
• Riksbank Payment Statistics Reporting: a central-bank statistical reporting regime and how its scope and thresholds are set.

Key Takeaways

• Statistical Notice 2026/08, published 15 September 2026, replaces the previous monthly Form BT criteria with a linkage test: a firm required to submit one or more of Forms BE, BN, GT or ER is required to submit Form BT monthly.
• A firm required to submit one or more of Forms BE, BN, GT or ER is required to submit Form BT monthly; a firm required to submit none of them is generally quarterly.
• The test turns on whether the Bank requires the four trigger returns; the content of any single month’s return does not change it, and one trigger return is enough.
• There is no universal go-live date. The Bank contacts affected firms individually and sets the reference period from which each change applies.
• The notice period for removing a monthly requirement may be shorter than the notice period for introducing one, so a firm dropping to quarterly should confirm the exact start month.
• Keep filing Form BT monthly until the Bank’s individual notification confirms a change; the criteria give firms no right to self-select quarterly.
• Form BT remains at least quarterly for every deposit-taking bank and building society, and the return’s item definitions are unchanged.

Sources and References

• Bank of England, Statistical Notice 2026/08 – Changes to the criteria for monthly form BT reporting (15 September 2026): https://www.bankofengland.co.uk/statistics/notice/2026/statistical-notice-2026-08
• Bank of England, Balance sheet (BT) return: https://www.bankofengland.co.uk/statistics/data-collection/statistical-reporting/form-bt
• Bank of England, Effective rates (ER) return: https://www.bankofengland.co.uk/statistics/data-collection/statistical-reporting/form-er
• Bank of England, Gilts and Treasury Bills (GT) return: https://www.bankofengland.co.uk/statistics/data-collection/statistical-reporting/form-gt
• Bank of England, Additional detail of non-resident business (BN) return: https://www.bankofengland.co.uk/statistics/data-collection/statistical-reporting/form-bn
• Bank of England, Statistical reporting (data collection hub): https://www.bankofengland.co.uk/statistics/data-collection/statistical-reporting
• Bank of England, Statistical notices: https://www.bankofengland.co.uk/statistics/data-collection/statistical-notices
• Bank of England, BEEDS portal: https://www.bankofengland.co.uk/statistics/data-collection/beeds
• Bank of England, Money and Credit statistical release: https://www.bankofengland.co.uk/statistics/money-and-credit
• Bank of England, Further details about monetary financial institutions (excluding central bank) balance sheet data: https://www.bankofengland.co.uk/statistics/details/further-details-about-monetary-financial-institutions-excluding-central-bank-balance-sheet-data
• Bank of England Act 1998, section 17 (Power to obtain information): https://www.legislation.gov.uk/ukpga/1998/11/section/17
• The Bank of England (Information Powers) Order 1998, SI 1998/1270: https://www.legislation.gov.uk/uksi/1998/1270/contents
• Bank of England, DP1/26 Future banking data (February 2026): https://www.bankofengland.co.uk/prudential-regulation/publication/2026/february/future-banking-data-discussion-paper

What to do before the Bank’s individual notification arrives

The action this notice asks of a Form BT team is small and specific: establish now whether your firm is required to submit any of Forms BE, BN, GT or ER, name the person who owns the submission schedule, and keep the current monthly cycle running. When the Bank’s individual notification arrives, it will carry the one date that governs your firm, the reference period from which the new frequency applies. That notification, not 15 September 2026, is the date to plan against.

Disclaimer: The information on RegReportingDesk.com is for educational and informational purposes only. It does not constitute legal, regulatory, tax, or compliance advice. Always consult your compliance officer, legal counsel, or the relevant supervisory authority for guidance specific to your institution.