Starting from today, June 5, 2017, the System of Credit Registry of Kosovo (CRK) used by banks and microfinance institutions has been replaced with a new system. This system is developed according to the latest standards and technology in the credit reporting field. CRK was put into operation for the first time in 2006, aiming to provide information on loans and borrowers to commercial banks, micro finance institutions and insurance companies.
The launch of the new CRK version is the result of one year work of the CBK staff in close cooperation with financial institutions in Kosovo. The new CRK system has taken into consideration the new requirements in the credit market and the best international standards in the field of loans.
The new CRK system provides more information on credit activity. Adding of new reporting fields has been made taking into consideration requests from the Kosovo Credit Guarantee Fund (KCGF), financial institutions and various CBK departments. The new information assists the KCGF on risk-proportionate regulation scaled by the products and services offered under the Law on the Establishment of KCGF. New information also enables for credit institutions to gain a clearer picture on their clients' ability for repayment and the responsibility for financial obligations. Moreover, this information will be used by the CBK in terms of banking supervision during the monitoring and examination process. This information enables the CBK to generate new reports on the credit activity and publish more tables on the credit activity. The CBK planned to expand the range of statistics with new tables based on many parameters, such as new loans over the periods, number of new borrowers, number of loans by municipalities, approved loans for women-owned businesses, business crediting by business size, business crediting by sector, etc.
The new CRK system enables the development of "web-services" through which the CRK connection with systems of credit providing institutions can be realized. Expanding functionalities through which it is possible to instantly research a large volume of credit reports. With this, the lending industry process has been advanced in terms of regular monitoring of the loan portfolio in accordance with the rule on credit risk management.