Regulatory Alerts2014-01-01
Circular No. 29 Classification of Public Sector Employees - Development of Credit Information System
The Palestine Monetary Authority issued Circular No. 29/2014 to amend the credit classification codes for public sector borrowers as part of its credit information system development initiative. All banks operating in Palestine must adopt the revised Annex 14 classifications, reclassify existing public sector facilities accordingly, and complete all mandated system updates per the established action plan. The Authority will conduct field inspections next month to verify compliance and confirm that institutions are fully prepared to meet the new credit reporting requirements.
Palestine Monetary Authority
Palestine Monetary Authority
Circular No. (29/2014)
To all banks operating in Palestine
Date: Wednesday, February 26, 2014
Subject: Classification of Public Sector Employees - Development of Credit Information System
Further to our Circular No. (2014/11) dated January 20, 2014, concerning the development of credit operations systems, and to Item One of the Development Items which stipulates the necessity for banks to review granted facilities files at the customer level and reclassify borrowers according to the classifications set forth in Annex No. (14) attached to the aforementioned Circular, we hereby inform you of amendments to certain classifications of public sector borrowers included in the attached Annex. Any branch not listed in the Annex's subdivisions shall be classified under the main subdivision for public sector employees (3000).
Accordingly, all banks are requested to adopt the attached amendments and complete all required developments in accordance with the action plan established for the development process. Please also be advised that field visits will be conducted next month to monitor banks' procedures regarding this matter and verify their readiness to comply with development requirements.
Public Relations and Market Discipline Department 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 www.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
Annex No. (14)
Borrower Status (Revised)
| 1000 | .1 | Companies |
|---|---|---|
| 2000 | .2 | Government Institutions (Ministries, Municipalities and Local Councils, Governorates, etc………) |
| 3000 | Public Sector Individuals (Government Employees) | |
| 3001 | • Police Directorate | |
| 3002 | • Preventive Security | |
| 3003 | • Civil Defense | |
| 3004 | • General Intelligence | |
| 3005 | • National Security | |
| 4000 | .4 | Private Sector Individuals (Private Sector Employees) |
| 5000 | .5 | Institutions, Associations, Clubs, and Other Legal Entities Not Registered with the Company Controller/Registrar, Schools, and Places of Worship……… |
| 6000 | .6 | Artisans, Freelancers, and Traders (Representing private sector individuals including artisans, professionals, traders, engineers, doctors, lawyers, housewives, students, etc………) |