KYIV. Sept 29 (Interfax-Ukraine) – The National Bank of Ukraine (NBU) has said that the Ukrainian parliament should quickly pass a draft law on amendments to some Ukrainian laws on the creation and retaining the credit register of the NBU (No. 3111), the NBU said in a press release.
“The necessity of keeping the credit register of the NBU is linked to two requirements of today. First, in the conditions of the transformation of the Ukrainian banking sector there is a necessity of improving instruments of bank supervision to reduce credit risks, provide for security of bank transactions, protect the interests of depositors and other creditors of banks and increase stability of the banking system. Secondly, the creation of the credit register is Ukraine’s liability under the memorandum on the economic and financial policy signed as a part of the Extended Fund Facility (EFF) with the IMF,” the press service of the central bank said, citing First Deputy NBU Governor Oleksandr Pysaruk.
According to the report, the creation of the credit register is linked to the tasks of monitoring the concentration of the credit risk, including increasing the monitoring of large business groups.
Pysaruk said that credit registers are widely spread in developed countries with effective market economies and banking systems, where they are the indicative instrument during the preliminary assessment of bank risks. Most countries have public credit registers, and private credit history bureaus also function.
