Regulatory Alerts2009-03-06 | CBFA_2009_12Added · Updated
Communication CBFA_2009_12 on the Credit Register for Enterprises
The CBFA mandates credit institutions to submit credit data to the National Bank of Belgium's Credit Register within eight calendar days following the end of each reporting month. This directive enforces compliance with the Royal Decree of 12 December 1994 to ensure timely risk assessment and economic analysis. The instruction applies to all credit establishments and is also directed to their approved auditors.
Rue du Congrès 12-14 | 1000 Brussels +32 2 220 53 42 | +32 2 220 54 93 | www.cbfa.be Communication CBFA_2009_12 of 6 March 2009 Credit Register for Enterprises Scope: Credit institutions. Summary/Objectives: This communication aims to remind credit institutions of the reporting deadlines vis-à-vis the Credit Register for Enterprises.
Madam, Sir,
The Royal Decree of 12 December 1994 concerning the centralization of information on credit risks, adopted in implementation of the Law of 22 March 1993 on the status and supervision of credit institutions, provides in its Article 3, paragraph 1, point 4 a) that the communication to the Credit Register for Enterprises of the National Bank of Belgium (NBB) of data relating to granted credits must be carried out during the period of eight calendar days following the expiration of each month.
We draw your attention to the fact that compliance with this provision allows, after the centralization of the required data and its dissemination by the NBB, an evaluation of the credit risks of counterparties by the banking sector and by the Commission Bancaire, Financière et des Assurances (CBFA) at a time as close as possible to the date on which their situations are recorded.
Furthermore, the NBB can thus quickly obtain information on the credit granting activity of credit institutions to non-financial enterprises, information that proves particularly important in the context of the analysis of the economic situation of Belgium.
Therefore, pursuant to Article 93 of the Law of 22 March 1993, at the request of the NBB, the CBFA orders you to implement all necessary means to carry out your communications to the Credit Register for Enterprises within the shortest possible time and at the latest eight days after the close of the month to which the credit data relate, as prescribed by the Royal Decree.
This communication is also addressed to the approved auditor(s) of your institution.
Please accept, Madam, Sir, the expression of my distinguished sentiments.
The President, Jean-Paul SERVAIS.
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