Regulatory Alerts2002-06-27
Establishment of the legal basis for Germany’s participation in the planned cross-border data exchange among EU credit registers
The Deutsche Bundesbank enacted amendments to Section 14 of the German Banking Act via the Fourth Financial Market Promotion Act to establish the legal framework for cross-border data sharing with EU credit registers. This regulatory change allows the Central Credit Register to exchange borrower indebtedness data with counterparts in other EU countries, provided reciprocal data access is granted. The initiative, driven by the Banking Supervision Committee of the European System of Central Banks, aims to enhance transparency regarding loans taken by borrowers abroad to better assess financial system stability.
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