Regulatory Alerts2012-01-01
Circular No. 1: Disclosure of Housing and Mortgage Loans
The Palestine Monetary Authority mandates that all banks operating in Palestine accurately disclose the specific type of interest rate applied to housing and mortgage loans in their regulatory reporting files. This requirement addresses previously identified inaccuracies in sector data and instructs institutions to align their disclosures strictly with the terms of signed credit contracts. Non-compliance with this directive will result in legal fines being imposed on the respective banks.
Palestine Monetary Authority
Palestine Monetary Authority
( 1 ) Circular No.
To all banks operating in Palestine
Date: Tuesday, January 03, 2012
Subject: Disclosure of Housing and Mortgage Loans
With reference to our Circular No. (2011/66) dated 25/4/2011 concerning the demographic file structure for housing and mortgage loans, and based on the results of the analysis of data specific to the housing and mortgage sector, inaccuracies have been identified in the disclosure of the type of interest rate applied to loans granted to this sector.
Accordingly, all banks are requested to exercise utmost accuracy in their disclosure files by disclosing the type of interest rate applied to the facility according to the credit contract signed with the borrower. Otherwise, fines will be imposed in accordance with the law.
Public Relations and Market Discipline Department
Signature: Palestine Monetary Authority
Ramallah - Al Bireh P.O. Box 452 - Tel.: 02-2409920 - Fax: 02-2409922
Gaza - P.O. Box 4026 - Tel.: 08-2825713 - Fax: 08-2844487
E-mail: info@pma.ps
Ramallah - Al Bireh - P.O. Box: 452 - Tel.: 02-2409920 - Fax: 02-2409922
Gaza - P.O. Box: 4026 - Tel.: 08-2825713 - Fax: 08-2844487
www.pma.ps