Under the Banking Act, banks and branches of foreign banks can establish a Joint Banking Register which will facilitate the preparation, conclusion and performance of clients' trades and evidence the activities of banks and branches of foreign banks.
After the register is established, banks and branches of foreign banks will be authorized to exchange information on clients and their trades. Clients must give approval before their data can be included in the register.
Banks and branches of foreign banks will then be able to exchange data on:
- loans and bank guarantees provided to clients;
- required loans and bank guarantees that clients have requested;
- client identification;
- bank receivables and their securing from clients which were granted loans and bank guarantees;
- repayment of loans and bank guarantees; and
- client reliability in repaying loans and bank guarantees.
The operation of the register shall be entrusted to a joint venture of supportive banking activities, under the supervision of the National Bank of Slovakia. Only banks, branches of foreign banks and the National Bank of Slovakia can have an interest in the joint venture.
All information and data provided to the Joint Banking Register will be subject to banking secrecy standards. The only bodies entitled to receive information from the register are banks, branches of foreign banks and the National Bank of Slovakia. Information on a relevant client shall be kept in the register for a period of five years following the termination of all of the client's loan and banking guarantee obligations.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.