CYPRUS: Central Credit Registry to be operational by 2 October

Sources told CNA that the Central Credit Register will be fully operational by October 2.

The operation of the Central Credit Register (CCR) will enable both the commercial banks and the 18 cooperative credit institutions to exchange and have access to a joint data base of all credit facilities granted both to persons and enterprises, in a bid to contain the rising non-performing loans that exceed €26 billion.

The same sources told CNA that all credit facilities, both performing and non-performing, such as overdrafts, credit cards, terminated accounts as well legal measures against borrowers will be recorded in the CCR`s data base. It is believed that the CCR`s operation will reduce red tape, as he will not be obliged to fill an array of documents to acquire a loan, as all the relevant data will be included in the CCR.