Central Credit Register

On 1 November 2002, the Czech National Bank is launching live operation of the Central Credit Register. Prepared by the CNB in co-operation with the Czech Banking Association, the register facilitates the exchange of information between banks and foreign bank branches on the credit commitments of their clients (legal entities and individual entrepreneurs).

Test operation of this system was launched in May 2002. The register was already fully functional during this testing phase. All it lacked was completeness, i.e. some banks were not able to submit a full range of data.

The current level of data content allows the launch of live operation of the Central Credit Register. The first data for the exchange of information will be those as of 31 October 2002.

The experience from abroad clearly favours the existence of a fully functional Central Credit  Register. The use of the register by banks and foreign bank branches will help to enhance the quality of credit processes in banks and lead to a reduction in credit risk.

Pavel Zúbek
CNB Communication Division