The Law on amendments to certain laws of Ukraine concerning formation and introduction of Ukraine’s National Bank Credit Registry and improvement of managing of credit risks came into force today. The Parliament will impose the Law, despite some norms, in two months.
It should be mentioned that the Government adopted this Law on February 6, 2018. Ukraine’s President signed it on March 1.
To reduce the level of credit risk, provide security of bank operations, increase reliability and sustainability of the bank system, protect interests of depositors and creditors the Law provides formation and introduction of the Credit Registry. It is an informational system, which gathers, saves, changes, uses and distributes information on credit operations and on execution of obligations of this operations, analyses the credit level.
If the register has data on the creditor, the creditor has access to their information and requests for it. The NBU has to provide the creditor with the information within 8 working days after the bank receives a request. Besides, the creditor has a right to ask NBU to correct or delete their data.
The bank puts the information on operations concerning the obligator to the Credit Registry, if the debt is equal or over a hundred minimum salaries. As to banks considered to be bankrupts or without bank license, such data is to be provided by the Individual Deposits Assurance Fund.
The bank has to obtain permission to put data into the registry, when it gives a loan. If a person refuses, the bank cannot give a loan. Speaking about a legal entity, the bank is allowed to put the information into the registry without permission. It has to inform the legal entity about it.
Ukraine’s National Bank gives banks access to the Credit Registry online and for free.