Regulatory Alerts2022-01-01
Circular No. (2022/277) Mechanism for Processing Unupdated Facilities
The Palestine Monetary Authority issued Circular No. (2022/277) to mandate that all operating banks process unupdated credit facilities within five working days of file approval to enhance data accuracy and freshness in the credit information system. Banks must utilize designated system screens to add undeclared facilities, settle expired ones, or modify facility file numbers, while granting relevant staff system access rights by October 16, 2022. The Financial Stability Department will host a training workshop on October 11, 2022, with attendance nominations due by October 9, 2022.
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Circular No. (2022/277) To all banks operating in Palestine Date: Wednesday, October 05, 2022
Subject: Mechanism for Processing Unupdated Facilities
In order to develop the operational mechanisms of the credit information system and enhance the accuracy and freshness of data, unupdated facilities will be processed as follows:
- Banks are required to process unupdated facilities within five working days from the date of approval of the facility file, with the report being extracted through the credit information system/unupdated facilities screen for the bank/institution.
- Processing for these facilities will be conducted according to the following scenarios:
- Adding facilities: Facilities not declared in the most recent facility file will be added through the unupdated facility file upload screen, according to the approved monthly facility file structure.
- Settling facilities: Expired facilities not declared in the facility file will be settled from the bank's unupdated facilities screen by selecting these facilities and then clicking the settle facilities icon.
- Modifying facility file number: The bank may modify the facility file number through the bank's unupdated facilities screen by selecting the facility, entering the correct facility file number, and choosing whether the modification applies to the facility's historical data or current data, on a case-by-case basis.
- Banks are required to implement any other modifications to facility data through the credit information system/financial data modification screen or by contacting the Financial Stability Department.
- Banks are required to grant relevant employees access rights through the user system effective from October 16, 2022.
Please note that a training workshop for employees regarding the mechanisms for processing unupdated facilities will be held on Tuesday, October 11, 2022, at 11:00 AM. Accordingly, please submit nominations for attendance to the Financial Stability Department no later than Sunday, October 9, 2022.
Financial Stability Group Palestine Monetary Authority