The integration of the borrowers’ registries kept by co-ops and commercial banks will be completed by the end of the month, it emerged recently, as part of the terms of the island’s bailout.
A single central registry should be up and running by October 2, the Cyprus News Agency reported, citing an unnamed source.
The registry will include all information regarding credit facilities to individuals and companies and will be accessible to co-ops and 38 banks, local and foreign, operating in Cyprus.
The objective is to be able to review a client’s credit record and better manage potential risks.
The registry will contain all information regarding a client, including any legal procedures initiated against them.
It will also cut the red tape, as potential clients would not have to provide a large number of documents when negotiating a loan. The integration took nine months.
Source: Cyprus Mail
