Law No. 2277-VIII “On Amendments to the Certain Laws of Ukraine on Establishing and the Maintaining of the Credit Register of the National Bank of Ukraine and Enhancing Bank Credit Risk Management Processes” entered into force and is applicable as of 4 May 2018.
On 1 April, a provision obliging banks to furnish data on their credit operations to the Credit register came into force.
Starting from 1 January 2019, banks will be able to use information contained in the register in order to estimate credit risks.
By 31 December 2018, banks shall notify debtors (in writing or by posting a notice on official web-sites and advertising within facilities) as to filing information about them to the Credit register.
The Law provides the NBU launches and maintains the Credit register in order to promote financial stability, conduct banking supervision and credit risks management by banks whilst implementing the state policy concerning issues of the national security of Ukraine in the economic area.
The National Bank is entitled to receive information on borrowers from banks and the Deposit Guarantee Fund, as well as to share information from the Credit Register with banks.
Banks are obliged to provide information on debtors should the amount of debt (in principal sum and interest) for credit operations equals to or exceed 100 minimum wages (UAH 372.3 thousand).
Deposit Guarantee Fund shall submit data regarding credit operations of banks whereon the NBU decided to categorize as insolvent, or to withdraw banking licenses and liquidate such, as well as information on the repayment of the borrower’s outstanding amounts contained in the credit history bureau.
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