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Ukraine: Introducing the Credit Registry

04/ 03/ 2018
  On 4 March 2018, the Law of Ukraine “On Introducing Amendments to Certain Laws of Ukraine on Establishing and Maintenance of the Credit Registry of the National Bank of Ukraine and improving the management of the banks’ credit risks” (the “Law”) came into force. However, with the exception of certain provisions, the Law shall only start to apply two months after the effective date. The Law is aimed at helping banks to better assess a debtors credibility and the credit risks involved. The Law vests the National Bank of Ukraine (the “NBU”) with powers to set up and maintain the Credit Registry (the “Registry”), which will contain information on debtors. The NBU shall be entitled to receive information from banks about their debtors if the total loan amount granted to such debtor (by a single bank) is equal to, or exceeds, 100 minimum wages (UAH 372,300 or ca. EUR 11,395). It shall also be entitled to receive information from the State Deposit Guarantee Fund regarding the loan transactions of banks that are being removed from the market. The Law requires banks and the State Deposit Guarantee Fund to transfer the relevant information to the Registry from 1 April 2018 and 1 July 2018 respectively. Debtors shall be notified of such transfer and shall have the right to access the information contained in the Registry concerning them and to request modifications if they disagree with the content. If such a request is rejected, the debtor shall be entitled to request that a note is added to the Registry entry stating that it disagrees with the information therein. Starting from 1 January 2019, banks will be obliged to consider information contained in the Registry when evaluating credit risks. Authors: Vitaliy Radchenko, Partner, vitaliy.radchenko@cms-cmno.com Kateryna Chechulina, Senior Associate, kateryna.chechulina@cms-cmno.com Anna Pogrebna, Partner, anna.pogrebna@cms-rrh.com

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