BoA inaugurates national electronic credit loans register

TIRANA, Jan. 28 – The central Bank of Albania officially inaugurated its national electronic register on Monday. The electronic register will record all bank loans issued to creditors by the various banks in the country.
The register will help banks make better decisions in the future, when issuing loans to creditors based on their credit histories which will be available in the register.
“The BoA hopes to improve, through this register, the process of administering bank loans by offering an instrument which will enable fuller and effective analysis on the ability of creditors to pay back their loans. The improvement of such information helps reduce the costs that financial institutions incur as a result of the time needed to assess creditor’s credit histories and bad loan decisions,” said Ardian Fullani.
So far, the loan histories of some 200,000 loans have been recorded in the register.
Prime Minister Sali Berisha has urged the combined use of other institutional registers, such as the Property Deeds and Ownership Register and Criminal Records Register with BoA’s Credit Loans Register in order to make the work of the respective institutions effective and less time consuming.
The business association Konfindustria expressed concern about the increasing problems of credit portfolios, loans and its negative consequences to the country’s economy.
The association said money was being invested in non-profitable sectors while the country’s bankruptcy procedures were yet to be applied properly.