Regulatory Alerts2012-05-14
Emphasizing the obligation of banks to obtain data from the Egyptian Credit Inquiry Company I-score
The Governor of the Central Bank kindly requests that banks and credit institutions comply with the following requirements starting from July 1, 2008: 1. Banks must provide detailed borrower data (excluding individual natural persons) to the Credit Information Center through the Egyptian Credit Bureau only. 2. Small-to-medium enterprises (SMEs) that have not received a maximum loan amount of EGP 1 million from any of these banks or credit institutions are also required to provide detailed borrower data, combined with Central Bank mortgage registry data, through the Egyptian Credit Bureau system. 3. Based on the information provided by Governor Dr. Hisham Ramez, it is essential that all banks and credit institutions strictly adhere to providing accurate credit data to "Score-I", a credit rating agency required by the relevant authorities for loan disbursement decisions. 4. The Central Bank will also conduct periodic examinations of banks' compliance with these requirements, particularly: - Ensuring timely provision of accurate credit data to Score-I. - Ensuring that all banks have access to and monitor the required borrower data from above.