The Corporate Credit Register 2022

As from January 2022, the Central Corporate Credit Register (CCCR) will be replaced by the Corporate Credit Register (CCR).

Central Corporate Credit Register

The Central Corporate Credit Register originated in the 1990s and was developed in response to the concerns of the financial sector and credit institutions in Belgium. It enabled them to gain a better understanding of the credit risks of professional debtors.

Over the past decades, several events have highlighted the global implications of economic upheavals and their magnitude. These have given rise to reforms and emphasized further the need to collect granular data to better anticipate and react to potential crises. In order to achieve this, the entire data system was modernized at the European level.

Therefore, the Corporate Credit Register replaces the Central Corporate Credit Register.

Extension of the data collection

The European Regulation AnaCredit - analytical credit datasets (EU/2016/867) requires an extension of the scope of credit data collected from financial institutions.

The goal is to provide the European Central Bank (ECB) with the additional information needed for the monetary policy, financial stability, and macro-prudential supervision. This set of data at European level is therefore aimed at a better understanding and assessment of possible financial shocks, specifically in the eurozone.

The AnaCredit Regulation does not only define the type of credit and credit risk data to be collected, but also the checks that must be carried out before the data is sent to the ECB.
The ECB is responsible for analyzing and evaluating the quality of the information received.
The exchange of data between the ECB and various central banks, including the NBB, ensures that information requirements are properly met.

More info: What is AnaCredit? (europa.eu)

Integration of European and Belgian needs

The National Bank has developed a new application called BECRIS (Belgian Extended Credit Risk Information System) to meet the requirements of AnaCredit and to maintain the existing corporate credit data collection requirements for the Belgian financial sector.

Other adjustments

The factoring and insurance companies are no longer part of the companies that belong to the reporting agents and do not report to the Corporate Credit Register (CCR).

Timing

The Corporate Credit Register will be implemented on the 1st of January 2022 and will contain the data of corporate credit from previous years. Financial institutions and leasing companies already report several months to the Corporate Credit Register. Therefore, they have a coherent credit data of several years, which must comply with the definitions and concepts of AnaCredit.

Practical Implications

The Central Corporate Credit Register (CCCR) will disappear on December 31, 2021.
Consequently, the last available reference period with the credit data in CCCR is November 2021
Consultations and reporting will no longer be possible as of January 1, 2022. Therefore, the Corporate Credit Register (CCR) will contain as of that date the functionalities that existed in CCCR. The consultations by the reporting agents take place in BECRIS application, while debtors can request their credit status at rce.rko@nbb.be.

The Law of November 28, 2021, on the organization of The Corporate Credit Register (FR) - (NL)

The Royal Decree of December 27, 2021, on the functioning of the Corporate Credit Register (FR) - (NL).

AnaCredit Regulation - Regulation (EU) 2016/867 of the European Central Bank of 18 May 2016 on the collection of granular credit and credit risk data (ECB/2016/13).

More information: CCR – Quickguide.