Baku, Fineko/abc.az. The Central Bank of Azerbaijan (CBA) continues developing the Central Credit Register (CCR).

CBA informed that as of 1st October, the register contains the information on 637,673 borrowers and 1.121 million of loans.

“Over 9 months, 44,389 requests, with out of them 35,993 requests were on new borrowers were presented by 37 banks. In comparison with the similar period of 2008, when 9,546 requests were submitted, the number of appeals to CCR increased 3.8 times,” it was informed.

On 1st January, 2009, the register included the information on 1.09 million of borrowers – 410,000 individuals and 680,000 legal entities.

The register is divided into two groups: positive debtors and negative debtors. At present the majority of data relates to individuals.

In July, 2008, the institutional potential of credit register was strengthened.

Now the country’s banks have an opportunity to receive and transfer information on debtors online. If earlier the banks had access to information on their former debtors, then now they are able to receive information on persons applied to the bank for the first time thanks to the Law on E-Signature. Now a number of banks are migrated into the system.

In prospect, it is intended to develop credit register till the level of credit bureau with expansion of its activity and possible privatization - CBA is prepared for giving authority of its management to commercial banks. That depends on banks’ readiness. At present there are directions to develop CCR: introduction of created post banks and non-bank credit institutions into its system, creation of the interface with communal institutions etc. that demands extra investments. Azerbaijan could also accept specialized Law on Credit Histories that will enbale increasing of credit bureau effectiveness, transparency and control over crediting activity.

CCR commissioned on January 3, 2005 was created in accordance with the Law on Banks and all Azeri commercial banks have to submit information to the register which its services may be used only by Azeri banks and their branches in Azerbaijan. CCR covers whole private information of banks, borrowers, owners of large stake packages, loans and pledges. Borrowers, who have pretensions to the information on themselves, can specify it. CCR presents closed informational system with entrance by password. Submission of information for register will be in real mode and by request. Access to information is chargeable: AZN 1.1 per request for individuals, AZN 2.2 for legal entities.

Norway Registers Develoрment was consultant on CCR creation and R.I.S.K. Company was the executor. Financing of CCR creation was realized at the expense of WBG for Financial Sector Technical Assistance. Contract’s sum totaled $190,000.

Information on individual’s credit operations from AZN 1,000 and legal entities (from AZN 5,000) is included into CCR. CCR takes into account information on individuals’ card credit operations in the amount of from AZN 10,000.

24.11.2009 15:04