The Standing Committee on the Economy yesterday discussed
a draft law on creating a loan database and decided to submit it to Parliament
for further discussion. The draft seeks inclusion of all individuals and
organizations who have borrowed from banks in a database so that banks can
check the background of any loan applicant.

A working group to review the draft amended some original provisions. One of
them calls for loan details to be deleted after six years to protect borrowers’
interests. After deletion, such details will be in the archives of the Central
Bank, which would also hold the active database.