Azerbaijani NBCOs to gain access to credit registry with approval of legal framework
Azerbaijan, Baku, Aug. 12 / Trend I.Khalilova /
The Central Credit Registry Service (CCR) under the Central Bank of Azerbaijan plans to complete the technical work on the commissioning of new types of reporting on voucher commitments of the loan recipients and for Non-Bank Credit Institutions (NBCO) in September 2010, Service Head Elchin Habibov said today.
"Introduction of new types of reporting will be possible after the entry into force of amendments to the CCR rules submitted to the Justice Ministry for approval," Habibov said.
NBCOs' access to the credit registry has been made possible with the entry into force of the law "On non-bank credit institutions", after which the CCR has stepped up work on the introduction of new types of reporting. NBCOs also must be technically prepared for this.
The CCR has created an information base NBCO, along with the banks. The law "On non-bank credit organizations" providing access to credit registry was passed by Parliament in late 2009.
Credit obligations of the borrowers and its obligations as a guarantor are reflected in the new form of reporting on warranty. In addition, the new reporting will reflect the performance of the borrower of its current obligations.
The registry contains information about current loans and credits that already paid mortgage loan. The information in the registry is updated once a month during the first two days of the month. New loans are sent to the Service Registry within two working days.
The registry services are available only to Azerbaijani banks and their branches operating in the country. Of the existing 47 banks in the country, 41 banks joined the CCR, Habibov said.
Lease and insurance companies, mobile operators, utility organizations and postal banks will be able to obtain information from a credit bureau in subsequent years. But, it will be possible after the establishment of private credit bureau, he said.
The CCR was established in March 2005. For a single query to the registry on an individual fee are 1.1 manat and a legal person - two manat. The credit register is not pursuing commercial objectives, and tariffs imposed to cover administrative costs.
Norway Registers Develorment acted as a consultant to develop the CCR and RISK Company -performer. Financing of the establishment of a credit registry was performed by the World Bank loan for "Financial Sector Technical Assistance" (FSTA).
The official exchange rate is 0.8037 manat to $1 Aug. 12.
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