The Ministry of Finance has put to public online consultation the Draft Law for the establishment, for the first time in Greece, of the Independent Credit Rating Authority and the establishment and operation of the Central Credit Registry. As noted in the relevant Communication, the consultation will close on 20 August (http://www.opengov.gr/minfin/?p=11446).

The main purpose of the Credit Rating Authority is to improve and accelerate the creditworthiness assessment of natural and legal persons. Its main task is the collection and evaluation of primary information of the public and banking sector. At the same time, the calculation of the probability of default for natural and legal persons.

Thus, any interested citizen, business and public or private sector body will be able, upon request, to receive his credit rating free of charge from the Authority. This scoring will be the basis for new funding opportunities.

Credit Register Centre & Credit Rating Authority

At the same time, the same Draft Law proposes the establishment and operation of the Central Credit Registry. It is a main reform project of the Ministry of Finance. The project is part of the 4th Pillar of the National Recovery and Resilience Plan, "Private investment and transformation of the economy". The aim is strengthening the financial sector and capital markets. It is the first national system for archiving personal data and will be maintained at the Bank of Greece. The establishment of a Central Credit Register is a best international practice. A practice that has been adopted by the majority of member states of the European Union. The purpose of the Register is to record on a detailed basis the payment history, the types of collateral provided and any other information related to any form of credit to natural or legal persons by credit and financial institutions. The Register aims to eliminate the existing information asymmetry between potential lenders and borrowers and thus can be a lever to finance the real economy. The Ministry of Finance continues to make legislative reform interventions aimed at enhancing the financing of households and businesses from the Greek financial system with competitive borrowing costs, ensuring the financial stability of our country, the announcement said.