RIGA - On Oct. 1 a debtors' register will begin to function providing additional
information to the banks as to evaluation of client credit risk.
All banks registered in Latvia as well as local subsidiaries of foreign
banks must record all debtors -- both physical and legal persons in Latvia
and abroad -- that the banks have dealt with since June 2, 2003 in the
debtors' register.
The register database will include information provided by the banks
concerning debtors who have delayed payment for over 60 days, unless the
delayed sum is smaller than 100 lats (160 euros) or its equivalent in the
foreign currencies.
The list will also include clients who have failed to provide the bank with
truthful and exhaustive information with regards to, for example, their
financial situation and property.
The debtors' register will be maintained by the Bank of Latvia and its
information will be provided free of charge to all the banks registered in
Latvia as well as to the subsidiaries of foreign banks, the Financial and
Capital Market Commission. Debtors will have access to data about themselves
from the register.
