Regulatory Alerts2023-01-01
Recommendation J regarding the rules for the collection and processing by banks of data on the real estate market
The Polish Financial Supervision Authority (KNF) issued Recommendation J to update the rules for banks regarding the collection and processing of real estate market data, replacing the 2012 version to align with current regulations. The recommendation mandates that banks establish reliable internal and external databases to support risk management for mortgage-backed exposures, ensuring data accuracy, completeness, and standardization. It specifically requires significantly engaged banks to utilize statistical models for assessing changes in collateral values and to actively participate in interbank data exchange systems.
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