MainPolitical

Parliament passes bill on credit register

It gives banks an effective tool of credit risk evaluation.

Parliament passes bill on credit register
Photo: Max Trebukhov

The Ukrainian parliament has adopted in the second reading the draft law (No 7114-d) on the establishment of a credit register. According to the National Bank of Ukraine, it gives Ukrainian banks an effective tool of credit risk evaluation. It is also expected to improve the reliability of the banking system. The concept of credit register will be added to the laws on the NBU and on banks and banking.

The credit register will collect information about banks' credit operations and liabilities. Any legal entity and individual who borrowed over 50,000 hryvnyas [1,815 dollars] will be recorded in the system.

Banks are expected to start feeding information to the NBU credit register as of 1 April 2018.

The creation of the credit register was one of the IMF requirements Ukraine undertook to meet back in 2015.

Read LB.ua news on social network Facebook