A private credit monitoring registry is being established – what data it will collect and how it will work

The trend of private debt (serviced and non-serviced) and its volatility trends are being closely monitored to enhance the capacity of the state to intervene through appropriate instruments when necessary.

In this context, a private credit monitoring registry will be established, in which data from public and private credit providers (banks, state, local government agencies and their businesses, legal entities of all forms) will be recorded. The Ministers of National Economy and Finance and Digital Governance signed the joint ministerial resolution to establish a private credit monitoring registry provided for by Law 5072/2023 on loans.

Registering anonymous information on loans of natural and legal persons, past and not, and in particular: the nature of the loan, the basic terms of the loan, (initial and current amount, surcharges and penalties, repayment period, interest rate) and any changes, the actual amount of the loan and collateral security and their valuation, the amount paid, the time of payment and the current balance of the debt, the arrangements of the debt and information about the course of legal disputes between the debtor and creditors, administrative or enforcement actions obtained, as well as their judicial contempt.

The register will be interconnected with Teiresias, the Central Credit Register of the Bank of Greece and the Integrated Information System of the Independent Credit Rating Authority, and will be maintained at the Secretariat of the Finance and Private Credit Administration.

It is noted that the Bank of Greece in the Central Credit Register collects and processes financial behavior data of natural or legal persons: a) who have submitted a loan application, b) who have entered into a loan agreement for the granting of a loan, or c) guarantors.

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Financial behavior data refers to information about the debts of natural and legal persons, including not only overdue, but also non-overdue and paid debts.
Specifically, the Central Credit Registry will collect:

  1. Details on personalization of loancontract number etc.,
  2. Nature of the loan,
  3. Basic Terms of Loanits initial and current amount, capital, surcharges and penalties, repayment period, rate of interest and any changes thereto;
  4. Real and collateral security of debt,
  5. Money paidPayment timing and current balance of the loan, arrangements for the loan,
  6. Changes in persons of debt due to universal or special succession,
  7. Information on the progress of legal disputes between debtor and creditorsAdministrative or enforcement measures taken, as well as their judicial review, initiation of criminal proceedings or criminal punishment due to non-payment of debts, if non-payment is a criminal act.
  8. Status of the data subject as unemployedHis bankruptcy, he was declared pardonable and his discharge.

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