Cyprus Mail
BusinessCyprus

Single borrowers’ registry by month’s end

THE integration of the borrowers’ registries kept by co-ops and commercial banks will be completed by the end of the month, it emerged on Wednesday, 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.

Related Posts

Limassol court fines companies for safety violations

Jean Christou

American Airlines bets on supersonic travel with Boom jet deal

Reuters News Service

Factbox: ‘You’ll be glad you bought a flamethrower’: The tweets of Elon Musk

Reuters News Service

How Chronoly.io (CRNO) is leading metaverse tokens like Decentraland (MANA) and Enjin coin (ENJ)?

CM Guest Columnist

Strong Israel GDP and inflation data seen prompting 75 bps rate hike

Reuters News Service

Paralimni shopkeepers SOS for aid ‘before it’s too late’

Jean Christou

2 comments

Comments are closed.