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In September, NBU Allows Banks to Obtain Information from Credit Register

19 September 2018

Press Release

 

The National Bank of Ukraine (NBU) has allowed banks to obtain information from the Credit Register under the Law of Ukraine On Amendments to Certain Laws of Ukraine on Establishing and Maintaining of the Credit Register of the National Bank of Ukraine and Improving Credit Risk Management of Banks, starting from 1 September 2018.

 

This concerns information on borrowers, terms of credit operations, fulfilment of obligations under such operations, and borrowers’ classes. Information from the NBU Credit Register is provided to banks in real time on a free-of-charge basis.

 

“The use of the NBU Credit Register information by banks will help set the conditions for lowering the credit risk level and developing a competitive market environment in which responsible borrowers will have advantages over irresponsible ones. It will also contribute to enhancing the security level of banking operations. All of this, in its turn, ensures a positive impact on the reliability and stability of the banking system,” noted Nataliia Dehtiariova, Director of the NBU Banking Supervision Department.

 

As a side note, the Law of Ukraine On Amendments to Certain Laws of Ukraine on Establishing and Maintaining of the Credit Register of the National Bank of Ukraine and Improving Credit Risk Management of Banks came into effect on 4 March 2018. Under this Law, the NBU has established the centralized Credit Register that stores all information on borrowers’ credit operations carrying more than 100 minimum wages in debt to a single bank.

 

From 1 January 2019, banks will be required to use the information from the NBU Credit Register for the assessment of credit risks.

 


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Last modification   19.09.2018