Secretariat of the Interministerial Committee for Credit and Savings

374

The Minister of Economy and Finance

President of the Interministerial Committee for Credit and Savings

HAVING REGARD TO Legislative Decree 1 September 1993, No. 385, containing the Consolidated Law on Banking and Credit Regulations (TUB), and in particular Article 2, paragraph 1, under which the Interministerial Committee for Credit and Savings exercises high-level supervision in matters of credit and the protection of savings;

HAVING REGARD TO its own resolution of 29 March 1994, published in the Official Gazette (Supplement Ordinary) No. 91 of 20 April 1994, containing regulations on the Central Credit Register and coordination with the provisions of the Consolidated Law on Banking and Credit Regulations;

HAVING REGARD TO its own resolution of 3 May 1999, published in the Official Gazette (Supplement Ordinary) No. 158 of 8 July 1999, concerning the establishment of a separate centralized archive for the detection of low-value risks (CRIC) and its management assignment to the Interbank Society for Automation (SIA) S.p.A., now SIA - SSB;

HAVING REGARD TO Articles 53, paragraph 1, letter b), 65, 67, paragraph 1, letter b), and 107, paragraph 2, of the TUB, under which the Bank of Italy, in accordance with the resolutions of the CICR, has issued general provisions aimed at containing risk in its various configurations, directed at banks, companies belonging to banking groups, financial intermediaries, and in particular Circular 11 February 1991, No. 139, and subsequent amendments, containing instructions for credit intermediaries on the regulation of the Central Credit Register;

CONSIDERING the proposal formulated by the Bank of Italy regarding the revocation of the CICR resolution of 3 May 1999 and the consequent assignment of the management of the centralized archive to SIA-SSB and the centralization at the Central Credit Register of all information previously recorded in the aforementioned archive;

HAVING REGARD TO the results of the public consultation procedure conducted by the Bank of Italy in relation to this proposal;

CONSIDERING that, in relation to the changed regulatory context regarding credit risk and the growing importance of low-value financing in the formation of credit demand, the detection of such financing also contributes to achieving the objectives pursued by the Central Credit Register managed by the Bank of Italy, making it appropriate to promote the recording in a single archive;

CONSIDERING that the availability of information on low-value financing also allows satisfying the increasing informational needs of the Bank of Italy connected with the performance of its supervisory functions on the credit market, as well as research and economic analysis;

CONSIDERING that the Bank of Italy's choice to record low-value financing in the Central Credit Register by lowering the current threshold for recording is consistent with its evolution from a system for controlling multiple overdrafts to an information system on the credit relationships of customers;

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The Minister of Economy and Finance President of the Interministerial Committee for Credit and Savings

CONSIDERING that the choice to centralize at the Bank of Italy's Central Credit Register all information useful for the stability of the financial system as a whole and for the sound and prudent management of individual intermediaries ensures significant advantages in terms of rationalization and efficiency of the information detection system on credit, reducing administrative costs borne by intermediaries;

CONSIDERING that intermediaries have expressed the need for the CRIC to continue providing certain services for a period of one year from the start of the new Central Credit Register recording;

HAVING REGARD TO the results of the investigation conducted by the Secretariat of the CICR for the revocation of the assignment to SIA – SSB of the management of the centralized archive for the detection of low-value risks, pursuant to Law 7 August 1990, No. 241, and subsequent amendments;

ON THE PROPOSAL formulated by the Bank of Italy;

DEEMING it urgent, pursuant to Article 3, paragraph 2, of the TUB;

D E C R E E S

Article 1

1. The CICR resolution of 3 May 1999, concerning the establishment of a centralized archive for the detection of low-value risks, is revoked. The related assignment of management to the Interbank Society for Automation (SIA – SSB) S.p.A. is also revoked.

2. Low-value risks are also recorded in the Central Credit Register in accordance with the provisions issued by the Bank of Italy.

Article 2

1. This decree enters into force on 1 January 2009.

2. SIA – SSB ensures the completion of CRIC activities related to risk detection until 31 December 2008.

3. For a period of one year from the entry into force of this decree, the centralized archive for the detection of low-value risks continues to provide the following services:

• first information service;
• access to data recorded in the archive by the directly interested parties.

This decree will be published in the Official Gazette of the Italian Republic.

Rome, dated 22 SEPT. 2008

THE MINISTER G. Tremonti