Azerbaijan, Baku, Dec. 22 / Trend N.Ismayilova /
Draft amendments to the rules of the Central Credit Registry (CCR) under the Central Bank of Azerbaijan (CBA) has been approved by the CBA Board, the CCR reported with expectations that in 2011, the non-banking credit organization (NBCOs) will have access to the registry.
The draft amendments passed the legal examination in the Justice Ministry and were submitted to the CBA Board for approval. According to the CCR, "the amendments are expected to be published in a collection of regulations, after which it enters into force."
The publication of rule changes is expected by late 2010.
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 their entry into the law "on non-bank credit institutions", after which the CCR has stepped up work on the introduction of new types of reporting.
Earlier, Executive Director of the Azerbaijani Microfinance Association (AMFA) Lala Hajiyeva said the access to central credit registry for NBCOs will be limited at the first phase, as the registry service must first verify the information provided by these credit organizations.
"So, NBCOs will be able to use a temporary server within several months while testing data. They will have access to information about the borrowers of only non-bank credit institutions," the AMFA representative said.
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 Central Credit Registry Service (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).