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#462659 - 04/19/13 06:26 AM Central Banks Setting Up Credit Bureaus
Marty Online   happy
And while UB’s students are researching business, the central bank was kinda sorta doing something similar. They’ve teamed up with the International Finance Corporation to set up a Belize’s first credit reporting system. Today, they held a press conference and the Deputy governor of the central Bank explained the importance of credit bureaus. Here’s how it goes.

Marilyn Gardiner Usher – Deputy Governor, Central Bank of Belize
"A credit reporting system is key to development of a sound economy. It helps to reduce risks to financial institutions and often leads to lower interest rates making loans more affordable and more widely available. We expect the data to come financial and non-financial providers like the utilities and the insurance companies. So that this can actually have the impact of bringing individual, small and medium enterprises who don't normally hold accounts and have a relationship with the bank, to have access to their reputation and collateral to the formal financial system."

IFC has spearheaded similar programmes in other Caribbean countries.

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#462666 - 04/19/13 06:41 AM Re: Central Banks Setting Up Credit Bureaus [Re: Marty]
Marty Online   happy

Central Bank of Belize Spearheads Caribbean Credit Reporting Conference

“Achieving the Possibilities Through Credit Information Sharing” is the theme for a Caribbean Credit Reporting Conference spearheaded by the Central Bank of Belize, CBB, the International Finance Corporation, IFC, and the Canadian International Development Agency, CIDA, now underway in Belize City.  The conference has brought together representatives from various financial institutions, utilities, insurance companies, credit unions and central banks in the region to information on credit reporting systems.  In connection to this event, a press briefing was held this morning where representatives from the CBB, the IFC and SIDA spoke on works to develop Belize’s first Credit Reporting System.  Deputy Governor of CBB, Marilyn Gardiner- Usher says the “credit reporting system is key to development of a sound economy.


" A well-functioning credit reporting system shares credit information provided by both financial and non-financial institutions, allowing lenders to more efficiently assess the credit worthiness of borrowers; resulting in more responsible lending and reduction in default rates, increased availability of credit history information which represents reputational collateral of individuals and micro and small and medium sized businesses enables these entities to gain access to financing at more favourable rates.  Leveraging the potential to automate the credit decision process, increases the speed  at which loans can be extended and further reduces the cost of financial intermediation.  We expect that this too should play a role in driving down the cost of borrowing. Finally, through the provision of more comprehensive information the credit reporting system contributes to potential supervision of the financial system.  In summary, a credit reporting system broadens and deepens individuals and small businesses participation in the formal financial system which is so very critical to the development of small economies."

According to Usher, a regulatory group already exists and they are working together with the IFC to develop a draft law.


"That law is already in draft stage.  We’re looking at how we address confidentiality of data, the protection of data and consumer rights and remedies.  What will be required to share any information will be consent of the borrower.  In regards to that concern I think more so we should look at the benefits though of actually being able to put your good credit history information on the credit reporting system so that it can actually be used by those you want to borrow from or do business with to look at your good credit reputation."

The IFC has assisted for almost ten years spearheaded the development of private credit bureaus, creating improved credit bureaus in over twenty countries and today the Senior Manager of the Organization, Jun Zhang talked about the worldwide implementation of credit bureaus


"The credit bureau is an essential financial infrastructure that facilities all the transactions between the financial institutions and the borrowers where the money is needed.  This would give the financial institutions that makes the lending decisions good information in terms of who they are lending money to.  What we have seen worldwide, when there is a lack of information then there is severe constraints on the access to finance.  This is particular true for the small business; the big companies, they often don’t have  that much of a problem but for the small business.  These elements are so critical that in the World Bank, Doing Business Index, probably you are familiar with, that ranks business environment in different countries; this is a very significant element to be used to evaluate the business environment of a country."

On his part Belize Liaison for CIDA, Phil Westman expressed how pleased the organization is to be partnering in this initiative and says he hopes that today’s conference will bring an edge to the already significant results that are coming out of the project.  Overall the IFC has drafted or contributed to drafting of new laws and regulations in thirty two countries.


#462673 - 04/19/13 07:10 AM Re: Central Banks Setting Up Credit Bureaus [Re: Marty]
Marty Online   happy
Belize to develop its first credit reporting system to increase access to finance

IFC, a member of the World Bank Group, is helping Belize establish its first credit reporting system, which will allow financial institutions to share credit information and better manage lending risks, thereby expanding access to finance for individual borrowers and small businesses.

With support from the Canadian International Development Agency, IFC and the Central Bank of Belize are co-hosting the third Caribbean Credit Reporting Conference today in Belize City. The conference will bring together representatives from financial institutions, credit unions, utilities, insurance companies and central banks in the region to build awareness and deepen knowledge of credit reporting systems. IFC organized previous conferences in St Kitts and Nevis and Jamaica in 2012.

“A credit reporting system is key to the development of a sound economy,” said Marilyn Gardiner-Usher, deputy governor of the Central Bank of Belize. “It helps to reduce risks for financial institutions and often leads to lower interest rates, making loans more affordable and more widely available. That’s a win-win for Belize.”

In developed countries, information technology has led to the collection and distribution of vast amounts of financial information, greatly deepening access to credit. However, credit markets in many Caribbean economies have traditionally been thin, and access to finance has been constrained due to a lack of information about borrowers’ credit histories. Establishing the legal and regulatory frameworks for a credit reporting system and helping financial institutions more accurately evaluate borrowers’ credit risks increases the availability of credit and lowers borrowing costs.

IFC has helped the Bank of Guyana pass credit reporting legislation and regulations. The Bahamas, Belize, Haiti, the Organization of Eastern Caribbean States (OECS), and Suriname are developing credit reporting legislation with support from IFC.

“IFC’s Caribbean Credit Bureau Program plays a critical role in increasing access to finance and promoting financial stability,” said Jun Zhang, IFC senior manager for the Caribbean. “By working in partnership with the Central Bank of Belize, we can help build the infrastructure needed so financial institutions can make informed credit decisions on a vast number of individuals who have previously been underserved by the financial community because of a lack of credit information.”

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