CBA revises draft amendments to rules of credit registry
Azerbaijan, Baku, Oct. 9 / Trend N.Ismayilova /
The draft amendments to the rules of the Central Credit Registry (CCR) under the Central Bank of Azerbaijan (CBA) has passed the legal examination in the Justice Ministry and was submitted to the CBA Board for approval, the agency reported.
The amendments stipulate connection of the non-bank credit organizations (NBCOs) to the CCR and commissioning of new types of reporting, which will also reflect warrantor obligations to loan recipients.
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 already created an information base NBCO, along with the banks. The law "On non-bank credit organizations" providing access to credit registry was passed by the 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.
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).
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