Big Brother sends its regards: In the future, the European Central Bank (ECB) wants to collect credit data on private individuals in a central register. Initially, the planned new credit register (AnaCredit) will collect data on bank loans to companies in the currency area and, from 2020, also on individuals. These include, for example, data on a home loan or loans to doctors, lawyers, etc. Currently, the ECB is working on plans for the creation of such a central European credit register. In this European, centrally controlled credit register then all loans, which are larger than 25,000 euro, are to be seized. The data sources for the European Central Registry will be the credit registers of the individual national central banks, which the ECB has called for in its Decision ECB / 2014/6. gaoodgle.com for clarification
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What sounds like a hard intervention in the financial privacy, but now with a statement or a plan of the Deutsche Bundesbank is again tightened significantly. Because national central banks may exceed the requirements of the ECB for the central recording of loans and this is exactly what the German Bundesbank would like to take advantage of. The German Federal Bankers also want to capture consumer credit and disbursements while lowering the reporting threshold for such loans, which the ECB has set at 25,000 euros, to 0 euros. So at least the tenor of a letter of the “German banking industry”, which acts as an umbrella organization of the German banking associations.
In itself, this is already strong Tobacco, considering that the obligation to register for corporate loans is currently at 1 million!
Bank representatives report concerns about credit reporting
It is interesting, however, that now countless representatives of banks against these plans for the central recording of all loans storm run. For example, with the Bundesbank’s planned, but not ECB-compliant, expansion of its reportable loans, banks are facing strong reactions from both the customer and the general public in the future. In addition, it is feared that this project by the Deutsche Bundesbank undoubtedly legal questions, which could lead to further public discussions. A circumstance that is likely to negatively impact bank business with loans of all kinds. It is understandable that the banks have anything but an increased interest in such plans. Many European politicians also criticized the Bundesbank’s plan to expand credit collection. Thus, among other things, the EU Member of Parliament Burkhard Balz expresses the CDU extremely critical and saves not with harsh words: “I think the threshold of 25,000 euros for problematic. Zeroing them is nonsense “! At the same time, he criticizes the fact that the ECB wants to have even small amounts of 100 euros reported for problem loans. Green EU parliamentarian Sven Giegold has even submitted a formal complaint about the ECB’s project to the EU Ombudsman.