Regulatory Alerts2022-01-01
Circular No. 245 (2022): Mechanism for Processing Unupdated Facilities
The Palestine Monetary Authority issued Circular No. 245 (2022) requiring all lending institutions to process unupdated credit facilities within five working days of approval via the designated credit information system. The directive outlines specific procedures for adding undeclared facilities, repaying expired ones, correcting facility file numbers, and granting employee system access rights effective 16 October 2022. Institutions must also submit staff nominations for a training workshop on these procedures by 9 October 2022.
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Circular No. (2022/245) To all lending institutions operating in Palestine Date: Wednesday, 05 October 2022
Subject: Mechanism for Processing Unupdated Facilities
In order to develop operational mechanisms for the credit information system and improve the accuracy, currency, and comprehensiveness of data, unupdated facilities will be processed as follows:
- Banks are committed to processing unupdated facilities within five working days from the date of approval of the facility file, such that the report is extracted through the credit information system/unupdated facilities screen for the bank/institution.
- Processing for these facilities will be carried out according to the following cases:
- Adding facilities: Facilities not declared in the latest facility file will be added through the unupdated facility file upload screen, according to the approved monthly facility file configuration.
- Repaying facilities: Expired facilities not declared in the facility file will be repaid from the bank's unupdated facilities screen by selecting these facilities and then clicking the repay facilities icon.
- Modifying facility file number: The bank can modify the facility file number through the bank's unupdated facilities screen by selecting the facility, entering the correct facility file number, and selecting whether the modification applies to the facility's historical data or current data, for each case separately.
- Banks are committed to implementing any other modifications to facility data through the credit information system/financial data modification screen or by contacting the Financial Stability Department.
- Banks are committed to granting relevant employees access rights through the user system effective from 16 October 2022.
Please note that a training workshop for employees regarding the mechanisms for processing unupdated facilities will be held on Tuesday, 11 October 2022, at 11:00 AM. Accordingly, please submit nominations for attendance to the Financial Stability Department no later than Sunday, 9 October 2022.
Financial Stability Group Palestine Monetary Authority