The Credit Registry, which is the electronic database on banking system borrowers, has started to operate at the Bank of Albania since January 3, 2008.
Currently banks have entered into the Register the active loan portfolio and they daily upload data on new loans. At the moment of "live" operation of the Credit Registry, there are recorded 201.729 loans, as well as data on borrowers, connected persons and collaterals.
The banks will daily upload new loans and will update the loan repayment status every end of month. The Register contains positive and negative information on borrowers and such data will be retained at the Register for 5 years.
The Report on the borrower that the banks obtain from the Register shall contain information and data on loan amount, its repayment, amounts on arrears, its collaterals, data on credit lines where the borrower is a connected person and loan status history over two last years.
The loan repayment status of the borrower will be used by banks for making a decision to grant or not a new loan, thus reducing the risk of extending non-performing loans.
The information system has sufficient capacities for being extended in the future, in order to include, within a short period of time, the microfinance institutions. This solution would also allow the future interfacing of this Register with the National Identity Cards Register, the Mortgage Register, the Insurance Charges one, etc.
