Rada passes bill on NBU loan register

The Verkhovna Rada on Tuesday at a repeat second reading passed bill No. 7114-d on the creation and keeping the loan register of the National Bank of Ukraine (NBU) and improving the management of loan registers of banks, which is one of the conditions for Ukraine's cooperation with the International Monetary Fund (IMF) and the European Union (EU).

An Interfax-Ukraine correspondent has reported that 226 lawmakers backed the document.

According to the bill, the NBU could create a central loan register for loans where the debt is more than 100 minimum wages.

Banks will be obliged to provide information to the register and notify clients about it from April 1, 2018 (the Individuals' Deposit Guarantee Fund – from July 1, 2018). Later they will be obliged to notify clients about it. Clients in turn will have the right of having access to the information about themselves in the credit register and the right to require changes in it if it does not agree with its content.

As for the National Bank, depending on the amount of the borrower's debt to the bank, it will have to provide the banks with information from the credit register. It is planned that banks will take into account this information when assessing clients from 2019.