Regulatory Alerts2012-05-10
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Amending the rules governing the credit registration system at the Central Bank of Egypt
The Central Bank of Egypt amends the credit registration rules to redefine non-performing customer categories, including debt write-offs, payment suspensions, judicial proceedings, settlements, and rescheduling. Banks must review and update customer data by June 2012, applying absolute bans or conditional lending based on specific risk categories and ensuring transparent disclosure periods ranging from three to ten years. The regulation also establishes new criteria for listing individuals on negative lists, requiring prior notice, card suspension, and enhanced customer awareness, while exempting customers of the 2007 public bank initiative.
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