Uruguay - WHCRI.org

Transcription

Uruguay - WHCRI.org

WESTERN HEMISPHERE CREDIT AND LOAN REPORTING INITIATIVE
CENTRE FOR LATIN AMERICAN MONETARY STUDIES
FIRST INITIATIVE
THE WORLD BANK
T
OAN REP
&L
O
estern
G
IN
RT
CRE
DI
CREDIT AND LOAN
REPORTING SYSTEMS
IN URUGUAY
emisphere
MAY 2006
CREDIT AND LOAN REPORTING SYSTEMS
IN URUGUAY
CREDIT AND LOAN
REPORTING SYSTEMS
IN URUGUAY
WESTERN HEMISPHERE CREDIT AND LOAN REPORTING INITIATIVE
CENTRE FOR LATIN AMERICAN MONETARY STUDIES
FIRST INITIATIVE
THE WORLD BANK
First English edition, 2007
Publicado también en español
© Centro de Estudios Monetarios Latinoamericanos, Banco Mundial y FIRST Initiative, 2007
Durango 54, México, D.F. 06700
All rights reserved
Derechos exclusivos en español reservados conforme a la ley
ISBN 978-968-5696-02-9
Printed and made in Mexico
Impreso y hecho en México
This document is the product of a project funded by the FIRST Initiative (www.firstinitiative.org). The views expressed are
not necessarily those of FIRST. This document is protected by copyright and other applicable intellectual property rights
owned by or licensed to FIRST Initiative.
Foreword
In August 2004, following a request from the central banks of Latin America and the Caribbean, the World
Bank and the Centro de Estudios Monetarios Latinoamericanos (CEMLA), with the financial support of the FIRST
Initiative, launched the Western Hemisphere Credit and Loan Reporting Initiative (WHCRI). The objective of
the Initiative is to describe and assess the credit and loan reporting systems of the Western Hemisphere with
a view to identifying possible improvements in their efficiency and integrity.
As part of the project structure, in August 2004 an International Consultative Committee (ICC) comprised of
experts in various fields was established. In addition to CEMLA and the World Bank, the institutions participating in the ICC include multilateral institutions such as the Inter-American Development Bank (IADB), the
International Finance Corporation (IFC) and the International Monetary Fund (IMF) and central banks such as
the Bank of Canada, Banco de España and the Federal Reserve Bank of New York.
To assure quality and effectiveness, the Initiative includes two important components. First, all studies are
conducted with the active participation of country officials and the project builds upon the existing work
undertaken in the respective country. Second, the Initiative draws upon international and national expertise
on the subject, through the ICC, in order to provide guidance, advice and alternatives to current practice.
The Initiative has undertaken a number of activities in response to requests by central banks from Latin America
and the Caribbean. These include: the preparation of public reports containing a systematic in-depth description
of each country’s credit and loan reporting systems; the delivery of a confidential recommendations report
to the authorities of each country; the organization of ICC meetings to review country studies and provide
input for future work; the organization of workshops focusing on topics of specific interest; the creation of a
web page (www.whcri.org) to present the Initiative’s products and other information of interest in the field
of credit reporting; and the promotion of working groups to ensure continuity in project activities.
CEMLA acts as the Technical Secretariat of the Initiative, with the main objective of making this process sus-
tainable and extending activities to all countries within the Hemisphere. To this end, the Initiative has helped
strengthen CEMLA’s in-house expertise and broadened knowledge and the transfer of know-how across the
Region. The efforts of the Working Groups coordinated by CEMLA shall maintain the structure created under
the Initiative and will provide a permanent forum for the countries in the Region to discuss, coordinate and
lend a collective impetus to work in the field of bank credit and loan reporting systems.
This report “Credit and Loan Reporting Systems in Uruguay” is one of the public reports in the series and was
prepared by an international team in collaboration with local representatives of the Central Bank of Uruguay
(Banco Central del Uruguay).
Kenneth Coates
Director General
CEMLA
Pamela Cox
Vice President, LAC
The World Bank
Cesare Calari
Vice President, Financial Sector
The World Bank
Acknowledgements
This Report is based on the findings of a team that visited Montevideo in May 2006. The report was prepared
by the members of an international team which included Corina Arteche Serra (CEMLA), Mario Guadamillas
(World Bank), Matías Gutiérrez Girault (FIRST Consultant), Miguel Llenas (FIRST Consultant) and Margaret
Miller (World Bank).
The international team worked in cooperation with the local team comprising staff from the Central Bank
of Uruguay.
Uruguay Report
May 2006
TABLE OF CONTENTS
1 ECONOMIC AND FINANCIAL MARKET BACKGROUND.....................................................1
1.1 Main Market Reforms in Recent Years..............................................................................2
1.2 Banking Sector: Recent Reforms and Current Structure. .................................................2
1.2.1 Recent Reforms...................................................................................................2
1.2.2 Current Structure................................................................................................3
1.3 Other Major Credit-granting Institutions of the Financial and Non-financial
Sectors..........................................................................................................................7
1.3.1 Financial Intermediation Cooperatives................................................................7
1.3.2 Finance Houses..................................................................................................7
1.3.3 External Financial Institutions..............................................................................8
1.3.4 Management Companies for Savings Societies Funds..........................................8
1.3.5 National Development Corporation (CND)..........................................................8
1.3.6 Other Firms Grant Credit to the NFS...................................................................9
1.4 The current Credit Market..............................................................................................9
1.4.1 Key Issues in Business Financing.......................................................................10
1.4.2 Key Issues in Consumer Financing....................................................................10
1.4.2.1 Consumer Credit................................................................................10
1.4.2.2 Mortgage Lending..............................................................................11
1.5 Major Trends in Credit Reporting. ................................................................................11
2 INSTITUTIONAL ASPECTS...................................................................................................12
2.1 Legal Framework..........................................................................................................12
2.1.1. Privacy..............................................................................................................13
2.1.2. Banking Secrecy...............................................................................................14
2.1.3. Consumer Protection/Quality Assurance...........................................................14
2.2 The Role of Financial Institutions: Credit Reporting. .....................................................14
2.2.1. Credit Reporting Agencies................................................................................14
2.2.2. Banking Sector..................................................................................................15
2.2.3. Other................................................................................................................15
2.3 The Role of the Authorities. .........................................................................................15
2.3.1. Central Bank.....................................................................................................15
2.3.2. Ministry of Economics and Finance...................................................................15
2.3.3. National Internal Audit Office...........................................................................16
2.3.4. Consumer Protection Agency............................................................................16
2.4 The Role of Other Public and Private Sector Institutions...............................................16
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May 2006
2.4.1. Non-financial Credit Providers..........................................................................16
3 PRIVATE CREDIT REGISTRIES..............................................................................................17
3.1 Clearing de Informes.....................................................................................................17
3.1.1 Control/Governance.........................................................................................17
3.1.2 Sources of Information......................................................................................17
3.1.3 Users................................................................................................................17
3.1.4 Services Provided.............................................................................................17
3.1.5 Pricing Policies.................................................................................................18
3.1.6 Procedures and Policies to Ensure Quality of Information.................................18
3.1.7 Risk Management Procedures and Policies.......................................................18
3.1.8 Rights of Individuals/Firms to Access Information and Resolve Disputes...........18
3.1.9 Information Sharing Policies.............................................................................18
3.2 Liga de Defensa Comercial (LIDECO)..............................................................................18
3.2.3 Users................................................................................................................19
3.3 INFOCRED...................................................................................................................21
3.3.3 Users................................................................................................................22
4 PUBLIC CREDIT REGISTRIES...............................................................................................26
4.1 Main Objectives of Registry...........................................................................................26
4.2 Sources of Information................................................................................................26
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May 2006
4.3 Users...........................................................................................................................27
4.4 Services Provided..........................................................................................................27
4.5 Pricing Policies.............................................................................................................29
4.6 Procedures and Policies to Ensure Quality of Information.............................................29
4.7 Risk Management Procedures and Policies......................................................................30
4.8 Rights of Individuals/Firms to Access Information and Resolve Disputes..........................30
4.9 Information Sharing Policies.........................................................................................30
5 INTERACTION WITH OTHER COMPONENTS OF THE FINANCIAL
INFRASTRUCTURE..............................................................................................................31
5.1 Payments Systems and Instruments.................................................................................31
5.2 National Office of Registries (DNR)...............................................................................31
5.2.1 Property Registry...............................................................................................31
5.2.2 National Registry of Personal Actions................................................................32
5.2.3 National Registry of Commerce........................................................................32
5.3 National Office of Civil Identification (DNIC)................................................................33
5.4 General Tax Authority (DGI).........................................................................................33
5.5 National Internal Audit Office.....................................................................................33
APPENDIX: STATISTICAL TABLES............................................................................................35
ANNEXES.................................................................................................................................. 47
LIST OF ABBREVIATIONS........................................................................................................59
GLOSSARY...............................................................................................................................61
Text Tables
Table 1: Macroeconomic Indicators..........................................................................................1
Table 2: Financial Structure of the Financial System .................................................................3
Table 3: Official Banks and their Loan Portfolio......................................................................6
Table 4: Main Private Banks and their Loan Portfolio...............................................................6
Table 5: Financial Intermediation Cooperatives and their Loan Portfolio...................................7
Table 6: Finance Houses and their Loan Portfolio.....................................................................7 Table 7: External Financial Institutions and their Loan Portfolio. .............................................8
Table 8: Management Companies for Savings Societies Funds and their Loan Portfolio................8 Text Figures
Figure 1: Evolution of Assets in the Banking System. .................................................................4
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May 2006
Figure 2: Loans to the Non-financial Sector.............................................................................4
Figure 3: Banking System Loans to the Non-financial Sector by Sector of Activity......................5
Figure 4: Evolution of Non-performing Loans in the Banking System. ........................................5
Figure 5: Non–performance in Gross Lending to NFS................................................................6
Figure 6: Evolution of Gross Credit to the Non financial System in Local and Foreign
Currency...................................................................................................................9
Figure 7: Credit/GDP in Current Prices...................................................................................10
Text Charts
Chart 1: CR-BCU, File with Consolidated Loan Information on the Institution’s
Clients....................................................................................................................28
Chart 2: CR-BCU, File with Non-performing Loans or Debtors in Arrears................................28
Chart 3: CR-BCU, File with Information on Economic Groups.................................................29
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May 2006
1 ECONOMIC AND FINANCIAL MARKET
BACKGROUND
Since the beginning of the 1980’s private Uruguayan banks have diminished within the national
financial system, with the public or quasi-public sector banks retaining more than 60 percent of the
market on one hand, together with a growing presence of foreign banks. During the 1990’s, from
a macroeconomic viewpoint, economic growth allowed private banks to gain business volume
and market share at the expense of public sector banks, mainly in the consumer credit sector.
This coincided with a period of growth for financial intermediation cooperatives, which through
various strategies were able to augment their market share in the sector, increasing both their capital
and volume of business. However, the economic model began to lose steam with the Brazilian
devaluation in 1999 combined with Argentina’s abandoning of convertibility in late 2001.
Following the 2002 crisis, triggered mainly by a large withdrawal of bank deposits, sovereign debt
maturities were restructured in a voluntary agreement with holders, several private banks were
closed and time deposit maturities at official banks were forcibly extended. A floating exchange
rate regime was adopted and the central bank began to set targets for the monetary base in order to
control inflation. At the same time the Superintendence of Financial Intermediation Institutions was
strengthened, with the main objective of providing greater transparency to the financial system.
Towards the end of 2003 the Uruguayan economy started to show signs of recovery, which was
consolidated during 2004 and 2005 with growth rates of 12 percent and 7 percent, respectively.
Inflation rates returned to one digit levels and interest rates decreased substantially in real terms.
Table 1: Macroeconomic Indicators(a)
2000
GDP in current prices
(in USD millions)
2001
2002
2003
2004
2005
20,08718,56112,27811,19113,21515,712
Real annual growth rate of GDP
(%)
-1.5
-3.4
-10.8
Gross Capital Formation
(% of GDP)13.1
9.4
-32.5
2.512.3
-11.4
32.0
6.6
24.2
Average unemployment rate13.615.317.016.913.112.1
Imports FOB (% change)
3.7
-12.0
-35.911.6
Exports FOB (% change)
2.8
-10.5
-9.618.1
32.311.8
Balance of Payments Current
Account (as % of GDP)
-2.8
-2.7
3.1
-0.7
Inflation (annual growth rate
of the Consumer Price Index)
5.1
3.6
Exchange rate vs. USD12.5114.77
-0.5
25.910.2
27.17
29.29
42.6
21.4
-1.5
7.6
6.0
27.38
24.12
Source: Central Bank of Uruguay and INEI.
The following conventions for notation are used throughout this report: “n.a.” indicates that the data is
not available; “.” represents non applicable data; “neg” (insignificant) is indicated when the figures are too
small in relation with other relevant figures in the corresponding Table.
(a)
Uruguay Report
May 2006
1.1 Main Market Reforms in Recent Years
Among the main reforms implemented following the 2002 crisis, mention should be made of the
establishment by law of the Superintendence for Protection of Bank Savings, charged with the
administration of a deposit insurance fund. This fund covers up to a total of approximately USD
20,000 (USD 5,000 and the rest in local currency) per depositor in each institution and is financed
by the banking institutions themselves.
1.2 Banking Sector: Recent Reforms and Current Structure
1.2.1 Recent Reforms
In addition to the creation of the Superintendence for Protection of Bank Savings, after 2002 a plan to
strengthen the Superintendence of Financial Intermediation Institutions was set in motion requiring
specialized consulting contracts and the hiring of new personnel, while at the same time accelerating
the purchase of necessary information technology. A Methods Unit was created in the area of
organization, and charged with reviewing all supervisory procedures as well as putting together
the respective work manuals. A new risk-based supervisory approach was adopted, entailing the
creation of a new Risk Department. A Control and Compliance Unit was also created and charged,
among other duties, with consumer protection in a financial sector context.
With respect to prudential regulation, since 2002 there has been substantial progress in the treatment
of risks inherent to the banking industry, where the following main reforms stand out:
•
Establishment of limits to the concentration of risks by country and by debtors of the financial
sector.
•
Redefinition of minimum reserve requirements for meeting liquidity risk.
•
Increased information requirements by the Credit Risk Registry (Reduction of the minimum
reporting threshold).
•
Introduction of a new category of financial intermediary.
•
Revision of minimum capital requirements for credit risk coverage and introduction of
market risk requirements.
•
Changes in the criteria for debtor classification and provisioning.
These two latest regulatory reforms have been of great relevance. In the case of changes in capital
requirements for credit risk, progress was achieved in bringing this requirement in line with the
risk assumed by institutions by refining categories and risk weightings. The same thrust prevailed
Throughout this report the $ symbol represents the Uruguayan peso, while USD refers to United States
Dollar.
Uruguay Report
May 2006
with regard to the changes in debtor classification criteria, allowing for a more adequate weighting
of the risk involved. In the latter respect, one improvement has been the switch to a more forwardlooking profile by introducing a requirement for stress testing the debtor’s relevant financial variables,
which will lead to evaluating the credit risk generated by the possible mismatch existing between
a borrower’s currency of income and currency of debt.
Additionally, with the intention of mitigating the risk generated by the existent dollarization of the
economy over the last few decades, instruments in Indexed Units (IU) were created, that have slowly
begun to acquire importance concurrently with an increase in peso deposits and loans arising from
macroeconomic stability.
1.2.2 Current Structure
As of March 2006, banking institutions represented 84 percent of total assets in the financial system,
as observed in Table 2. In the banking sector, public institutions accounted for 46 percent of total
assets while private banks represented 38 percent.
Table 2: Financial Structure of the Financial System
(as of March 2006)
Type of Institution
Assets
in US millions
% of
Total Assets
2
7,675
45.8
Private Banks 13
6,308
37.7
Banking System Subtotal 1513,983
83.5
Public Banks Number
of Institutions
Cooperatives
2
24
0.1
Finance Houses
6158
0.9
External Financial Institutions(a)
6
Management Companies for Savings
Society Funds 414
Subtotal: other financial intermediaries 18
Currency Exchange Houses
(as of 31-12-05)
Credit Providers 71
2,28613.6
0.1
2,48214.8
96
0.6
91911.1
Total11316,752100.0
Source: Central Bank of Uruguay.
(a)
The majority of assets correspond to operations pending liquidation.
The growth of the banking sector since 2003 was based mainly on the recovery of resident deposits
stemming from the improvement in the economic situation.
Uruguay Report
May 2006
Figure 1: Evolution of Assets in the Banking System
(in USD Millions)
3,000
2,500
2,000
,500
,000
0,500
0,000
9,500
9,000
8,500
8,000
M A M
J
J A S O N D J
2004
F M A M
J
J A S O N D J
2005
Figure 2: Loans to the Non-Financial Sector
(in USD Millions)
4,000
Current
3,500
3,000
257
Past Due
78
88
98
204
3,58
3,6
3,37
3,06
December
January
March
3,336
3,303
February
2006
3,335
2,500
2,000
,500
2,925
,000
500
0
Total
March
3,82
2005
3,3
F M
2006
Uruguay Report
May 2006
Figure 3: Banking System Loans to the Non-Financial Sector by Sector of Activity
(as of March 2006)
Others
0%
Trusts
7%
Non-residents
4%
Agriculture
12%
Public Sector
7%
Manufacturing
30%
Families
16%
Services
12%
Commerce
10%
Building
2%
Figure 4: Evolution of Non-Performing Loans in the Banking System
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May 2006
Figure 5: Non-performance in Gross Lending to the NFS
There are two public sector banks, Banco de la República Oriental de Uruguay (BROU), that acts as
a commercial and development bank promoting productive activities with long term lines of credit,
and the Banco Hipotecario del Uruguay (BHU) which is a development bank oriented exclusively
to mortgage lending.
Table 3: Official Banks and Their Loan Portfolio(a)
(As of March 2006, in $ thousands)
Name
Total Portfolio Market Share (%)
Banco de la República Oriental del Uruguay
27,585,701
62.1
Banco Hipotecario del Uruguay 16,809,683
37.9
Total
44,395,384100.0
(a)
Loans to the non financial sector net of provisioning.
Table 4: Main Private Banks and Their Loan Portfolio(a)
(as of March 2006, in $ thousands))
Name
Nuevo Banco Comercial S.A.
9,714,727
20.9
ABN Amro Bank N.V. Sucursal Montevideo
7,339,66615.7
Bank Boston N.A.
6,785,51114.6
Banco Santander S.A.
6,579,81114.1
Crédit Uruguay Banco S.A.
4,454,397
9.6
Total for main 5 34,874,112
74.9
Other14,350,406
25.1
Total
49,224,518100.0
(a)
Loans to the non financial sector net of provisioning.
Uruguay Report
May 2006
As of March 2006, 13 private banks are authorized to operate, 7 of them as public shareholder
companies incorporated in the country (6 belong to foreign banks), and the other six are subsidiaries
of foreign banks, who operate under the same conditions as local banks. These banks are authorized
to take sight deposits from residents and to operate in the check clearing house.
1.3 Other Major Credit-granting Institutions of the Financial and Non-
Financial Sectors
1.3.1 Financial Intermediation Cooperatives
These are two institutions restricted to local currency lending transactions. They are not permitted
to receive sight deposits. Authorized foreign currency placements are limited to certain instruments
according to risk classification and term, as well as to local banks and financial intermediation
cooperatives that are fully authorized to manage sight and term accounts at the Central Bank, or to
the purchase of national public sector securities.
Table 5: Financial Intermediation Cooperatives and their
Loan Portfolio(a)
(as of March 2006, in $ thousands)
Name
FUCAC – Federación Uruguaya de Cooperativas
de Ahorro y Crédito 182,637
60.5
Cooperativa de Ahorro y Crédito FUCEREP119,282
39.5
Total
301,919100.0
(a)
Credits to the non financial sector net of provisioning.
1.3.2 Finance Houses
These are institutions that may only take term deposits from non-residents, but may extend credit
to residents.
Table 6: Finance Houses and their Loan Portfolio(a)
Name
Exprinter (Uruguay) S.A.
Total Portfolio 372,317
Market Share (%)
32.4
Leumi (Latin America) S.A.
296,982
25.8
Hapoalim (Latin America) S.A.
235,466
20.5
OCA Casa Financiera S.A.180,82215.7
Bapro Uruguay S.A.
Credit Lyonnais (Uruguay) S.A.
58,249
5.0
6,389
0.6
Total1,150,225100.0
(a)
Credits to the non financial sector net of provisioning.
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May 2006
1.3.3 External Financial Institutions
These are financial intermediaries that are allowed to perform all operations of intermediation
or mediation between foreign supply and demand for securities, cash or precious metals, and
may operate only with non-residents. They face lower requirements than the rest of the banking
system.
Table 7: External Financial Institutions and their Loan Portfolio(a)
(as of March 2006, in US thousands)
Name
Institución Financiera Externa Banco Rural (Uruguay) S.A.1,200
70.9
Banca Privada d’Andorra (Uruguay) S.A.I.F.E.
29.1
492
Total1,692100.0
(a)
Credit to the non financial sector net of provisioning.
1.3.4 Management Companies for Savings Societies Funds
These are institutions whose license basically allows them to intermediate under the form of closed
circles of savers who contribute monthly payments and obtain credit by lottery/bidding.
Table 8: Management Companies for Savings Societies Funds
and their Loan Portfolio
Name
Total Portfolio Consorcio del Uruguay S.A. 120,957
Market Share (%)
61.9
ACFOR S.A. 38,77119.8
Conalap S.A.
25,45813.0
Caycut10,247
5.2
Total195,433100.0
1.3.5 National Development Corporation (CND)
The CND is a non-government legal person under public law, subject to private law and which
operates as a holding company with a capital of approximately US 60,000,000 invested in companies
in various sectors.
Uruguay Report
May 2006
The CND promotes business development with private sector participation, and focuses its activities
mainly on small and medium firms (PyMEs).
The CND gives priority to projects that generate innovation (adoption of new technologies,
development of new markets), that offer potential economic and financial profitability and that
provide benefits for the country’s economy.
It promotes and undertakes investment of risk capital in areas consistent with the implementation
of sector policies, either financing existing companies or developing new ones.
1.3.6. Other Firms that Grant Credit to the NFS
These refer to credit providing firms supervised by the BCU that grant small value loans to finance
the purchase of consumer goods, as well as cash loans to individuals. Their total assets amounted
to approximately $4,000 million at December 31, 2005.
1.4 The Current Credit Market
Total gross lending to the non-financial system amounted to USD 3,311 millions by March 2006,
USD 25 million below the level of December 2005. Credit to the non-financial private resident
system granted by the private banking system and BROU fell to USD 2,942 million, while credit
to the public sector and to non-residents amounted to USD 245 million and USD 124 million,
respectively.
Figure 6: Evolution of Gross Lending to the Non-financial System
in Local and Foreign Currency
(as of December 2005)
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May 2006
It is important to note that changes in the balance outstanding are influenced by the transfer of loans
to auxiliary accounts and by the granting of loans guaranteed by a lien on deposits.
A lower level of loan dollarization can be observed for the first three quarters of the moving twelvemonth period. In March 2006, 82 percent of gross total credit was in foreign currency, a percentage
similar to that of December 2005.
Regarding to the Bank credit in local currency continued to grow during 2005. This is consistent
with the decline in voluntary reserves at banks. However, this growth trend basically reflects the
behavior of private banks, since lending by BROU gradually came to a halt.
Figure 7 shows the evolution of the ratio of credit to GDP, using Central Bank of Uruguay indicators.
Indicator I contains quarterly average lending levels as numerator (with local currency loans converted
at the average exchange rates) and quarterly annualized GDP as denominator. Indicator II presents
the same numerator as before, while the denominator is end-quarter twelve-month GDP. Indicator
III includes end-quarter lending levels as the numerator and in the denominator end-quarter twelvemonth GDP.
Figure 7: Credit/GDP at current prices
(as of December 2005)
1.4.1 Key Issues in Business Financing
The financing of business activity takes place fundamentally through banks.
1.4.2 Key Issues in Consumer Financing
1.4.2.1. Consumer Credit
Private banking institutions have concentrated their supply of lending in the commercial and
corporate sectors. Consumer credit, especially in amounts approximating $ 3,000 (USD 100), is
handled by credit providers and some credit card issuers.
10
Uruguay Report
May 2006
The Banco de la República Oriental del Uruguay, a public-sector capital bank, channels a large
portion of the resources it attracts towards consumer credit, especially to public sector employees.
By December 2005 this institution’s total loan portfolio accounted for 30 per cent of total bank
(public and private) lending.
1.4.2.2 Mortgage Lending
The main institution specializing in mortgage lending is the Banco Hipotecario del Uruguay, a
public institution that in December 2005 accounted for 18 percent of the system’s (public and
private banks) total loan portfolio.
1.5 Main Trends in Credit Reporting
Four credit information services operate in Uruguay: a Credit Bureau, Clearing de Informes, recently
purchased by Equifax; two credit information registries, one operated by the Chamber of Commerce
(LIDECO), the other, INFOCRED, comprising commercial centers; and the Loan Registry administered
by the BCU.
At the end of each month financial intermediaries must inform the Loan Registry of all debtors
exceeding a given pre-established threshold. This amount was reduced from 0.15 to 0.025 percent
of basic bank capital (equivalent to USD 12,153 and USD 2,025, respectively) in order to increase
the debtor information provided to the Loan Registry database.
Basic Capital Responsibility (RPB) – (Art 15 RNRCSF) is the basic capital fixed for each type of financial intermediary institution according to its specialization of activities. The Basic Capital Responsibility for banks
effective 31/12/2005 is UI 130 million.
11
Uruguay Report
May 2006
2 INSTITUTIONAL ASPECTS
2.1 Legal Framework
The Central Bank of Uruguay charter establishes that, through the Superintendence of Financial
Intermediary Institutions (SIF), it shall undertake the supervision and oversight of private and public
institutions comprising the financial intermediation system. The Superintendence, which reports to
the Board of Directors, enjoys technical and operational autonomy. A Superintendent is appointed in
charge for a period of eight years, with designation to and removal from office decided unanimously
by the members of the Board.
The Uruguayan financial system is governed by Decree Law Nº 15.322 of September 17, 1982
on Financial Intermediation and subsequent modifying legislation, which provides that any nongovernment public or private person engaging in financial intermediation shall be subject to the
provisions of said Law.
Financial intermediaries, including cooperatives subject to control by the Superintendence, must
classify their loan portfolio according to objective and subjective criteria.
The Uruguayan financial system is a system in which transactions can take place both in local or
foreign currency. Also, there are no restrictions on capital inflows or outflows.
There is no general law regulating the cooperative system as a whole in Uruguay; credit and
savings cooperatives are legally bound by a General Law of 1946, which establishes principles and
regulates the operation of cooperative societies in general, and the Specific Law on Savings and
Credit Unions of 1971, which was partially repealed by subsequent regulations affecting financial
intermediation cooperatives.
Overseeing compliance with banking regulations is mainly the responsibility of the BCU and the
Superintendence of Financial Intermediaries, although Executive Branch control also applies to
certain aspects.
Laws and Decrees affecting Financial Intermediaries:
• Law N° 17.613 of December 27, 2002 – Financial System Restructuring Law.
• Law N° 17.569 of October 22, 2002 - Usury Law.
• Law N° 17.542 of August 2, 2002 – Modification of measures affecting checks at banks
whose operations have been suspended.
• Law N° 17.523 of August 4, 2002 – Law for Strengthening the Banking System.
• Law N° 16.696 of March 30, 1995 - Central Bank of Uruguay Charter.
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• Decree N° 614/992 of December 11, 1992 - Regulating Decree-Law N°15.322.
• Decree N° 381/989 of August 16, 1989 - Regulating Decree-Law N°15.322 for external
financial institutions.
• Decree-Law N°15.322 of September 17, 1982 – Financial Intermediation Law. With
modifications introduced by laws N° 16.327 of November 11, 1992, N° 17.523 of August
4, 2002 and N° 17.613 of December 27, 2002.
• Decree-Law N°14.887 of April 27, 1979 – Relative to interest rates, Central Bank of Uruguay
is empowered to set interest rates for financial transactions and regulations on usury are
modified.
• Decree N° 730/975 of September 30, 1975 - Regulating Decree-Law N°14.412.
• Decree-Law N°14.412 of August 8, 1975 – Checking Law. With the modification of article
10° introduced by Law N° 17.542 of August 21, 2002.
There are two specific laws governing credit information systems in Uruguay: Law Nº 17.838
“Protection of Personal Data used in Commercial Reports and Habeas Data Action Law”, passed
in September, 2004 recognizing the debtor’s right to know, update and correct their own data
contained in private databases. The other law was approved in January 2006: Law Nº 17.948,
which clarifies the concept of bank secrecy in Uruguay, indicates that it is only applicable to the
institutions’ liabilities (deposits) and not to the bank’s assets. This law has not yet been regulated.
2.1.1 Privacy
Law Nº 15.322 of the “Financial Intermediation System” stipulates in chapter VI that firms comprised
by the Financial Intermediation Law may not provide information on funds or securities held by any
natural or legal person on current account, in deposit or in any other concept. Neither may they
divulge confidential data received from or regarding their clients. These transactions and data are
protected by professional privilege and may only be revealed by express and written authorization
by the party concerned or by resolution of the Criminal Justice or competent court system, subject
to the strictest liability regarding damages arising from unjustified requests. Those who infringe
their established responsibilities shall be punished with three months of jail up to three years of
penitentiary.
Bank secrecy exists in Uruguay and is regulated by the Financial Intermediation Law and Law N°
17.948 which clarifies its scope.
Law Nº 17.838 points out that consent is not required for the registration and handling of personal
data, with special emphasis on the authorization for handling personal data related to compliance
or non-compliance with commercial or loan obligations that allow for the evaluation of the data
subject’s general business dealings, commercial conduct and payment capacity.
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2.1.2 Banking Secrecy
Bank secrecy exists in Uruguay and is governed by article 25 of Decree-Law Nº 15.322, which states
that a financial intermediary may only divulge data on its liabilities if the party concerned issues a
written express authorization, or by resolution of the Criminal Justice system or a competent court
in the case of alimony or child support disputes. Any failure to comply with this legal obligation
will bring criminal responsibility upon the offenders. From the client’s point of view, it implies the
legal protection of the right to secrecy regarding information held by financial intermediaries, by
virtue of the private legal relationship between both parties and the professional activity performed
by the latter.
Law Nº 17.948 clarifies this definition and textually points out in article 1 that “professional secrecy
coverage governed by article 25 of Decree-Law Nº 15.322, of September 17 1982 is limited to
bank liability transactions performed by financial intermediaries and any other transaction in which
they assume the role of debtor, depository, agent or custodian of money or specie in relation to
their clients, notwithstanding the protection afforded any confidential information received from
the client – both with regard to liability and asset transactions – included in said norm.”
2.1.3 Consumer Protection/Quality Assurance
Law 17.838 provides a special chapter on the protection of personal data and quality assurance,
where it is stated that every data subject is entitled to initiate a personal data protection action,
or habeas data, against any person responsible for a public or private database, in cases where
information was not rendered, or having requested the correction, updating, elimination or
suppression of data, this was not performed or sufficient cause for not doing so within the time
frame stipulated by the law was not provided.
It also states that personal data related to commercial obligations may only be registered for a period
of five years from the date of entry. If at the end of this period the obligation remains due, the
creditor may request the data base operator to retain the data for another single five year period. In
cases of obligations that have been cancelled or extinguished through whatever means, these will
remain registered, with express mention of the fact, for a maximum non- renewable period of five
years from the date of cancellation.
2.2 The Role of Financial Institutions: Credit Reporting
2.2.1 Credit Reporting Agencies
Various credit reporting firms operate in Uruguay. Clearing de Informes, whose shareholder is
Equifax, operates as a credit bureau, providing its affiliates with information indicating if the data
subject, whether a natural or legal person, is in non-compliance or arrears with obligations. The
Liga de Defensa Comercial, (LIDECO) is a trade association whose members, both private and
state-owned financial and commercial institutions, are provided with information on data subjects’
financial statements, import and export activities and legal standing. INFOCRED operates in a more
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reduced area and mostly outside of Montevideo, managing a data base of commercial centers in
the country and providing information to its affiliates.
2.2.2 Banking Sector
The banking sector is one of the main sources of credit information, reporting all loans in excess
of US 2,025 to the BCU and lower amounts when there is payment non-performance. It maintains
agreements with credit reporting agencies both as provider and user of information, especially to
request information on the system’s debtors below the BCU reporting thresholds.
2.2.3 Other
In addition to banking institutions, credit provider firms and credit card issuers also operate in
the market. Both types of institution focus their activities on consumer lending. These institutions
maintain agreements with Clearing de Informes both as providers and users of information. Most
of their operations are not reported to the loan registry since they fall below the BCU reporting
threshold.
2.3 The Role of the Authorities
The main regulatory agencies in Uruguay’s financial system are: the Central Bank of Uruguay and
the National Internal Audit Office at the Ministry of Finance.
2.3.1 Central Bank
The Central Bank of Uruguay (BCU) is the agency charged with bank supervision through the
Superintendence of Financial Intermediary Institutions.
The Superintendence’s main functions are to: (i) Establish general prudential norms, as well as
specific instructions, to promote and preserve the solvency and stability of financial intermediaries;
(ii) Authorize branches of existing financial intermediaries; (iii) Require financial intermediaries
to supply information periodically and in the appropriate format, as well as to provide registries
and documents; (iv) Regulate the periodic publication by financial intermediaries of their financial
statements and other information; (v) Monitor each member of the financial intermediation system, in
order to verify its economic and financial situation and its compliance with current regulations.
In the context of the credit reporting systems the supervisory function is performed by the Central Bank
through the Superintendence. The Superintendence operates the Loan Registry (CR-BCU). Information
on the lending transactions of banks, finance houses, financial intermediation cooperatives, external
financial institutions and asset recovery funds are consolidated in the CR-BCU.
2.3.2 Ministry of Economics and Finance
This Ministry programs the budget and financial execution for the fiscal year, for which information
on its monthly programming is required in the areas of commitments undertaken, obligations
assumed and projected financial disbursements.
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Also dependent on this ministry is the agency controlling the handling of personal data, including
commercial obligations according to the mandate established in Law 17.838.
2.3.3 National Internal Audit Office
The National Internal Audit Office is an independent controller agency of the Executive Branch
located at the Ministry of Finance, and acts with technical autonomy in discharging its responsibilities.
Further detail regarding its functions is presented in Section 5.5.
2.3.4 Consumer Protection Agency
The area of Consumer Protection acts as mediator between client and bank, lacking legal competence
to handle credit reporting issues. It maintains administrative procedures for contacting the financial
institution and holds administrative hearings among parties in order to arbitrate solutions. Formal
complaints are sent to the attention of the Central Bank of Uruguay.
2.4 The Role of other Public and Private Sector Institutions
2.4.1 Non-financial Credit Providers
Credit providers and credit card issuers are the main sources of non-financial credit. They engage
in consumer lending transactions for minimum amounts of approximately US100.
The main credit card issuer in the country is OCA, and CREDITEL operates as both a credit provider
and a credit card issuer.
Personal loans are generally disbursed in cash. Requirements are the last paycheck, identification card,
proof of residence and positive records in Clearing de Informes. Once the required documentation
is presented, the loan becomes effective instantly. The credit limit is three months salary.
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3 PRIVATE CREDIT REGISTRIES
3.1 Clearing de Informes
3.1.1 Control/Governance
Clearing de Informes was founded in 1954 and acquired by Equifax in June, 2001. It provides
information to its subscribers, indicating whether a natural or legal person data subject is in noncompliance with or arrears on obligations.
Clearing de Informes is managed by a Board of Directors elected by the shareholders assembly. It
has a general manager and four area managers: operations, information systems, administration/
marketing and research and development. It has 74 employees but no branches, although it has
representatives in different parts of the country.
3.1.2 Sources of Information
Clearing de Informes operates by reciprocity agreements such that the users of information are also
the providers of data. There are about 3,600 sources of information between financial institutions
and firms.
3.1.3 Users
The information service of Clearing de Informes is not openly available: it is accessed by institutional
subscribers comprising about 2,500 direct clients and around 1,000 indirect affiliates through 16
Chambers of Commerce spread throughout the country. Its clients include all the regulated institutions
of the financial system, commercial and service companies, and even foundations that offer credit
to the micro-enterprise sector. About 150,000 information requests are received each month.
3.1.4 Services Provided
Clearing de Informes provides a report that includes the name of the individual/firm, identification
card/tax number, address, profession and/or place of work/trade name, missed or late payments
(subscriber, date, amount, maturity, last payment and balance), requested reports and additional
information.
The data base comprises 1,660,000 entries on individuals and 180,000 for firms. This does not
mean that such quantity of individuals and firms have had payment problems, simply that they have
been registered. It has 3,614 subscribers of which 1,070 are outside of Montevideo.
Updating data is a continuous process: subscribers send entries when their clients have not met an
obligation. Once the information is registered, it is kept for 9 years from the date of non-compliance
and for 2 years from the date of cancellation.
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3.1.5 Pricing Policies
The price of accessing the database depends on the category chosen by the subscriber. Five categories
have been established, and the regular price per report is of $19.68 plus 24 percent VAT.
Although the information in Clearing is basically negative, not being registered in Clearing or
being registered with no negative records is an important asset for any individual or firm in order
to obtain a loan.
3.1.6 Procedures and Policies to Ensure the Quality of Information
Only subscribers to the system have access to the database. For this purpose each subscriber is
furnished with an access code allowing entry and quantifying the use of the services. The registration
of a non-compliance event may be requested by any subscriber. However, the requestor must
present written documentation to prove the existence of the obligation and the non-compliance.
Once it has been decided to register the defaulted obligation, if the subject has no previous record
there must be automatic notification of the inclusion in Clearing de Informes, so that a protest may
be lodged.
3.1.7 Risk Management Procedures and Policies
The entry, storage, transmission, modification and general handling of data used to produce objective
reports of a commercial nature is regulated by Law Nº 17.838 “Protection of Personal Data used
in Commercial Reports and Habeas Data Action ”.
3.1.8 Rights of Individuals/Firms to Access Data and Resolve Disputes
Registered persons are entitled to view their report free of charge. If they do not agree with
the information contained in their report they have the right to modify the data by presenting
documentation that proves the inexistence of the obligation or that they are current with payments.
If the subscriber has provided erroneous information, the data subject may sue to recover damages.
When the obligation has been cancelled, the firm has a period of 24 to 48 hours to inform Clearing de
Informes. A firm can be disaffiliated if it acts irresponsibly in the provision and use of information
3.1.9 Information Sharing Policies
Clearing de Informes operates under terms of reciprocity whereby only data providers may access
the services offered. The data subject may access the data free of charge twice a year.
3.2 Liga de Defensa Comercial (LIDECO)
LIDECO is a non-profit trade association, founded in 1915, whose members are firms from different
sectors in the country, banking institutions and state-owned companies. According to its statutes,
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its objective is to promote transparency and ethics in commercial transactions, seeking to protect
credit and spur loyal competition among firms.
It is active in the area of commercial and banking information related to the coverage of loan risk.
LIDECO obtains and processes commercial, financial and legal information, mainly on legal persons,
from publicly accessible sources, and provides it upon request by its members.
In addition to the information supplied by its members, law 16.002 establishes that state agencies
must submit to Liga de Defensa Comercial the information which it requires from them in order
to comply with its functions. Thus there is a direct connection to the Central Bank, the Supreme
Court of Justice, the National Directorate of Public Registries, the National Customs Directorate,
the National Directorate of Industrial Property and the Interior Ministry.
3.2.3 Users
Only LIDECO members, i.e. commercial firms, financial institutions and state-owned companies
may access the data.
Commercial Information Service: Maintains updated information on all member firms as a means
of streamlining loan requests via consultation of the firm’s credit record.
Red LIDECO – online information (redlideco): this is a commercial data database and a query tool.
It comprises hardware with 24 hour connectivity, enabling online consultation. It is an intranet that
permits member firms, either by Internet connection or by dedicated phone line, to access available
information in the database. The spectrum of information it covers is:
• Firms’ requests to be included in financial restructuring laws.
• Suspended or cancelled bank checking accounts.
• Names of partners or directors who form (or formed) part of the firm, and their connections
to other firms.
• Precedents in matters of loans, moratoria, bankruptcy and court-ordered liquidation.
• Firms’ database entries as debtor in arrears.
• Foreign trade transactions (imports and exports by product and firm).
• Local trade.
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• Commercial and banking references.
• Trademarks registered by the firm.
• Firm’s registration as supplier to the State and the Municipality of Montevideo.
• Financial statements.
• Incorporation data.
Member Alert Service (SAS): Allows members real-time access to data regarding distressed companies
whose situation they must monitor.
The following aspects are included in the alert that is sent to members who sign up for the
service:
• Notice of request to be included under any form of court-ordered protection from creditors.
A list of such requests is provided daily, whether or not it includes firms directly related to
the member.
• Notice of suspension or cancellation of checking accounts.
• Data from the Official Gazette (dissolution of marital contracts, sales of shares, auctions,
incorporation of limited liability firms, assignment of partnership quotas, modifications to
statutes of bearer stock companies, etc.).
• Notice that the firm has been denounced as being in non-compliance with commercial
obligations.
This service functions in the following manner: the member interested in accessing the service
provides LIDECO with a diskette containing identification data on the firms to be monitored, and
this data enters the information system. Each time there is a data entry to the systems regarding any
of these identified firms, a communication by fax or mail is automatically generated to the member
who requested the information.
Representation in creditor agreements LIDECO represents member and non-member firms in outof-court settlement talks.
Representation in debt collection: LIDECO handles the registration and collection of accounts
payable denounced by member firms. The objective is to resolve the collection of debts either in
or out-of-court by promoting payment agreements.
Annex 1 shows the complete report LIDECO generates for its clients.
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LIDECO’s members cover the major part of the cost of services through their dues.
Every report issued by LIDECO is private and confidential, being only for the use of its members. Its
contents cannot be disclosure, serving solely as an element of support in commercial decisions.
in Commercial Reports and Habeas Data Action”.
3.2.8 Rights of Individuals/Firms to Access Data and Resolve Disputes
To assure the right of everyone to protect their good name and credit against involuntary mistakes,
LIDECO provides all data subjects with the option of attaching to its electronic file any justification,
rectification or clarification where due.
LIDECO only shares information with its members or with those institutions with which it maintains
agreements, such as INFOCRED.
3.3 INFOCRED
INFOCRED Uruguay was created on August 18th, 2001 as an initiative launched by commercial
associations and centers mainly in the north and west of the country. Its objective, according to its
promoters, is to create a unique national database for the protection of credit through the use of
permitted information systems.
Commercial centers are described as not-for-profit trade associations, one of whose functions is to
promote transparency in the use of credit.
The Federation of Entrepreneurial Associations, a guild-type civil association, was formed on
December 18th, 2004 to assume management responsibility for the data bank. The mission of the
database is to provide information on the credit and commercial background of individuals or firms
to the members of the affiliated institutions.
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INFOCRED receives information from its members who are represented by the commercial and
industrial centers of the country. It also has an agreement with LIDECO for the provision of
information on suspended bank accounts.
3.3.3 Users
The members of INFOCRED are commercial and industrial centers of different parts of the country,
comprising 2,500 firms that use the system, more than 500,000 up-to-date entries in the database
and 16,000 monthly queries.
INFOCRED services allow for interaction with a single database of loan and commercial transactions
of individuals and firms taking place in Uruguay. The information is available 24 hours a day. The
services are:
• Relative to subject data:
o Individuals: name, surname, address and telephone number, alert in case of anomalies,
document irregularities (reports of loss, theft or lack of validity), notification of death,
spouse data and situation.
o Firms: trade name, legal name, address, telephone number, firm principals, company
closure.
• Relative to subject credit and loan performance (individuals or firms):
o Transactions in non-compliance: loans outstanding from firms, checks returned for lack
of funds.
o Transactions cancelled in arrears: conditions in which the debtor paid off an account
registered in the database.
o Requests for reports: the first query for each firm with which the subject transacted, plus
the data requests of the last three years are provided.
Centro Comercial e Industrial de Paysandú, Centro Comercial e Industrial de Young, Centro Comercial e
Industrial de Lavalleja, Asociación Comercial e Industrial de Río Negro, Asociación Empresarial e Industrial
de Tacuarembo, Centro Comercial e Industrial de Bella Unión, Centro Comercial e Industrial de Paso de los
Toros, Centro Comercial e Industrial de Flores, Centro Comercial e Industrial de Mercedes, Centro Comercial
e Industrial de Cardona, Centro Comercial e Industrial de Dolores, Centro Comercial e Industrial de Carmelo,
Centro Comercial e Industrial de Salto.
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o In these cases, if the subject does not appear in the database there is a “no data available”
response and a first entry to file is registered with the data provided by the member.
• If the subject is located in the database but shows no history of non-compliance, there is a “no
negative record” response and information is provided on previous loan requests, identifying
the firms that requested reports. If the member firm has access to positive information
(which may be provided optionally) the subject’s financial situation and background will
be supplied. If there is non-compliance, there is a “registered with unfulfilled obligations”
response, identifying the firm that provided the entry, the date of the transaction, whether
on own account or as guarantor, amount, maturity and unpaid balance (without interest).
Additionally, information is provided as to the location where the subject must straighten
out his situation. This information will remain in the data bank for ten years from the date
of entry. If the subject has paid off transactions in arrears, there is a “cancelled arrears”
response providing date and cancellation code for the transaction. This information will
remain in the data bank for two years from the date of cancellation.
• By means of an agreement with Liga de Defensa Comercial (LIDECO), notification is provided
regarding the suspension or cancellation of an individual or firm’s checking account.
• Support for the collections system by providing form letters to be sent to clients in arrears:
o Cautionary flyer to be attached to the client’s account summary.
o Warning letter advising of the existence of arrears.
o Letter of notification that following a ten-day period the event shall be registered in the
databank.
o Final deadline letter: for each non-compliance event registered by the member in the
database, the subject shall be sent a letter informing of the entry and of the existence
of a 15 day deadline for payment. If settlement occurs, the entry shall be expunged.
Otherwise, the subject shall remain registered in default at INFOCRED.
• Information on loans granted (positive information). Companies may inform all credit
provided. Access to this service is allowed to all INFOCRED members who provide 100 per
cent of the loan transactions they have entered into.
The first 20 consultations are free of charge; for additional queries there is an agreed schedule of
fees with firms.
INFOCRED follows a procedure for the inclusion of information (Annex 2):
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• An individual or firm is included as a non-complier when the delay in payment exceeds 60
days for an amount greater than ½ UR and there is valid legal documentation. The entry
form must have a seal and signature of the firm’s principal or authorized representative,
and must be accompanied by a copy of the document verifying the debt signed by the
debtor and, if applicable, the guarantor. The firm declares under oath that the information
is supported by valid legal documentation signed by the debtor. It also assumes total and
exclusive responsibility for the data transmitted to INFOCRED.
• The firm commits to notifying the non-complying client in written form prior to registration in
the data bank. The system shall issue a warning letter with a final 15-day deadline, notifying
that registration has taken place. If the non-complier resolves the matter with the firm within
the established deadline, no record shall remain in the registry.
• The non compliance entry will remain in the database for 5 years from the date of inclusion,
subject to a single 5-year renewal period at the request of the firm, as laid out in Law
17.838.
• The case of a check returned for insufficient funds may be registered as a defaulted
transaction.
A procedure is also followed for the cancellation of transactions in arrears (Annex 3):
• Once the debtor in arrears cancels the entire obligation, the firm must send the corresponding
form to INFOCRED within 24 hours.
• The form must present the seal and signature of the firm’s principal or authorized representative
and the corresponding code (8 – complied and explained the delay, 9 – complied following
INFOCRED intervention, 10 – complied following INFOCRED collection efforts, 11 – the
guarantor complied, 12 – complied following out-of-court settlement, 13 – complied
following court proceedings).
• Once cancelled, the loan remains for 5 years in the database. Refinanced loans, with new
paperwork, must be cancelled in agreement with the creditor and registered as a new loan.
In the case of long-term loans the subject is rehabilitated once all overdue installments are
paid off, whether or not the loan has matured in its entirety.
in Commercial Reports and Habeas Data Action ”.
INFOCRED keeps a “procedures manual” for access to information, and to minimize the risk of access
by non authorized persons. Operationally, there exist different ways of requesting reports: directly
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at INFOCRED offices, by telephone, by fax, by e-mail through a phone line or via the website. The
member’s code must be provided in all cases, and in cases of remote access a password supplied
by the data bank must be entered.
To request a report on individuals the member must submit their ID card number, names, surnames,
applicant’s address, date of birth and ancillary data (marital status, telephone, occupation, employer’s
address and spouse). In the case of firms, the tax number, name, trade name and address must be
provided.
Each request made by an affiliate is registered in the data subject’s file, with information on the
requesting firm and the date of query.
3.3.8 Rights of Individuals/Firms to Access Information and Resolve Disputes
A debtor may request the expunging of his entry in INFOCRED by presenting himself at the offices
with a receipt certifying payment of the debt. Should it proceed, INFOCRED will exclude the data
once the case has been analyzed with the firm that registered the noncompliance.
The debtor may also request the exclusion of the entry when no legally valid documentation exists
to support it.
Since this is a service exclusively for members, there are no policies for sharing information with
other institutions.
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4 PUBLIC CREDIT REGISTRIES
The Loan Registry at the Central Bank of Uruguay (CR-BCU) began operations in November, 1982
with quarterly information on the non-financial sector; in December 1999 it was redesigned and
started validating data against balances shown in financial statements; monthly data began arriving
in April 2003, and in January 2004 credit information for the financial sector was included.
4.1 Main Objectives of the Registry
The objectives of the CR-BCU are to: (i) consolidate the information on debtors to the financial
system sent by financial intermediaries (ii) provide the Superintendence of Financial Intermediary
Institutions (SIIF) with the necessary elements to evaluate credit risk at financial institutions; (iii)
provide information to financial institutions for the analysis of their clients’ track record when
granting or renewing a credit line, in order to comply with prudential regulation regarding credit
risk.
In terms of the information to be sent to CR-BCU, credit risk entails any obligation of a natural or
legal person, whether resident or non-resident, from any sector – financial, non-financial or public
– either direct or contingent, solely or jointly liable, or as guarantor.
4.2 Sources of Information
Financial intermediaries must provide the Superintendence of Financial Intermediary Institutions
(SIIF) with information for the Loan Registry on a monthly basis and within the first eight working
days following the effective date of information.
Private and public banks, finance houses, financial intermediation cooperatives, external financial
institutions, trust funds, asset recovery funds and external auditors are all required to report.
The CR-BCU compiles information on loan transactions of the regulated financial system in excess of a
USD 2,025 threshold, except for non-performing, defaulted or provisioned loans which are informed
in full. These institutions are obligated by law to deliver the information to the Superintendence on
a monthly basis. The Registry groups it and makes it available exclusively to regulated institutions
through on-line connections and via files it sends to the entities on a monthly basis. The on-line
report presents total indebtedness broken down by creditor institution, plus the loan classification
awarded by each institution, and allows consultation on data subject information since 1999.
Financial entities can consult this information both for their clients and potential clients, which
allows them to complement the reports produced by private credit bureaus which usually contain
little positive information from the financial system.
In addition to this data, the Superintendence informs of returned checks and cancelled checking
accounts, identifying the account-holders. Unrestricted access to this information is provided
through the Internet.
As of 31/12/2005 – 0.025 % of RPBB.
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External auditors must submit the audited sample on a six-month basis, including the discrepancy
codes in those cases where they disagree with the institution’s classification.
4.3 Users
The main users of CR-BCU information are the financial intermediary institutions as well as their
supervisors. Through the use of applications designed to exploit this information, supervisors
have unrestricted access to the data, while financial intermediaries receive files with consolidated
information on their own clients, including data on debtors with non-performing and written-off
loans, as well as information on the composition of economic groups operating with the financial
system. They are also able to perform individual consultations on any debtor within the financial
system whom they are able to identify.
Currently the information is accessed through IT applications developed by the BCU in direct line
connection with the information providing institutions. Nevertheless, information may be divulged
by any means the BCU considers appropriate, including publication on the Internet.
As of the approval of Law 17.948 on January 8th 2006, any individual or firm may request
consolidated information on any other individual or firm operating with financial intermediaries,
with respect to transactions involving bank assets as well as to the risk classification that appears
in the BCU-managed Loan Registry.
4.4 Services Provided
The products generated by the CR-BCU are differentiated according to the user. Each financial
institution receives monthly files with:
(i) Consolidated information on their clients (Chart 1);
(ii) Identification of the system’s debtors who are classified for accounting purposes as in
collection procedures, non-performing or written off, and of the institutions reporting them
as such (Chart 2);
(iii)The break-down of existing economic groups in the data base (Chart 3);
(iv)On-line queries regarding any debtor, individual or corporate, whether or not a client of
the querying entity. This consultation includes: consolidated accounting data by currency:
current, non-performing and overdue loans, off-balance sheet financing; economic sector
and participation in any economic group; classification provided by the system, identifying
each of the institutions with which the debtor operates (Annex 4).
The products generated by the system for use by the Superintendence, both for in situ and extra
situ supervision, are: consultation of debts by debtor, by use of credit, by economic group, by
accounting category; consultation by classifications; ranking of debtors by institution and within
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the overall system; consultation by institution and by country; position of the debtor within the
system; comparisons of debtor classification by one institution with the rest of the system; debtor
identification by tranches, according to SIIF norms.
Chart 1: CR-BCU, File with Consolidated Loan Information
on the Institution’s Clients
Name and Document of debtor
Economic Group it forms part of
Relative position of the group within the system (ranking)
Number of institutions reporting
Highest classification within the system
Number of institutions reporting the highest classification
Lowest classification within the system
Number of institutions reporting the lowest classification
Main business of the company
First firm – Current loans in l/c and f/c(a)
First firm – Overdue loans in l/c and f/c(a)
First firm – Loans in collection in l/c and f/c(a)
First firm – Non-performing loans in l/c and f/c(a)
First firm – Contingencies in l/c and f/c(a)
First firm – Provisions in l/c and f/c(a)
First firm – Financial products in suspense in l/c and f/c(a)
First firm – Indemnity received from Loan Guarantee Fund in l/c and f/c(a)
First firm – Applicable guarantees in l/c and f/c(a)
First firm – Non-applicable guarantees in l/c and f/c(a)
First firm – Loans written off in l/c and f/c(a)
Second firm – Current loans in l/c and f/c(a)
Second firm – Overdue loans in l/c and f/c(a)
Second firm – Loans in collection in l/c and f/c(a)
Second firm – Non-performing loans in l/c and f/c(a)
Second firm – Contingencies in l/c and f/c(a)
Second firm – Loans written off in l/c and f/c(a)
Gross of deductions for provisioning, financial products in suspension and indemnities received from the loan
guarantee fund.
(a)
Chart 2: CR-BCU, File with Non-performing Loans or Debtors in Arrears
Number of institutions that informed of the debtor as non-performer or written off.
Codes for institutions that informed of the debtor as non-performer or written off.
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Uruguay Report
May 2006
Chart 3: CR-BCU, File with Information on Economic Groups
Group Code
Name of the economic group
4.5 Pricing Policies
Although the current service is offered free of charge to third parties who request it, BCU is authorized
to establish a fee for the queries. The law sets a maximum of 270 UI per data request and 90 UI
for updating the information. Queries by institutions that provide information to the Loan Registry
are free of charge.
4.6 Procedures and Policies to Ensure the Quality of Information
Article 5 of Law 17.948 states that, individuals or firms of the financial intermediation system
that provide the information contained in the BCU’s registries is solely responsible for ensuring its
accuracy and timeliness.
In this sense, the Compilation of Regulatory and Control Norms for the Financial System (article
380) foresees a schedule of fines for delays and errors in the information provided. In both cases the
fines are established as a proportion of basic regulatory bank capital, notwithstanding the Central
Bank of Uruguay’s power to establish other penalties, pecuniary or otherwise, for alteration of data,
hindrance to supervision and/or absence of information.
The transfer of information takes place through a dedicated line using a private network existing
between the institutions and BCU. The SIIF provides each user with different codes of access
depending on the purpose (to send information, to make queries).
Once the information is transferred, the BCU performs an automatic control verifying that the
categories in the loan registry correspond to those of the financial statements; that fictitious debtors
are not included under non-performing, written-off or collectable accounts; that in the case of
applicable guarantees, the corresponding risks be informed; that applicable guarantees do not surpass
the risk; that in the case where the debtor is resident, the account-holder categories correspond to
resident categories, and likewise for non-residents; that the debtor classification does not exceed
that arising from the categories informed; that the client identified to the system as past-due and
written off during the previous month has a classification of 3 or more.
Once the automatic controls are passed, the information is entered in the BCU’s database and the
necessary calculations are performed so as to prepare the different products to be used both by
financial institutions and by the SIIF.
1 UI (Indexed Unit) = 1.5032 Uruguayan Pesos as of 31/12/2005.
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May 2006
4.7 Risk Management Procedures and Policies
in Commercial Reports and Habeas Data Action”.
The SIIF provides each financial intermediary with an access code to its information systems. In
turn, each financial intermediary is responsible for its connection to the Superintendence and must
be able to manage and care for the maintenance of its line and internal security. Every user must
be instructed with respect to the liability that both institution and employee will incur in for the
violation of professional secrecy.
4.8 Rights of Individuals/Firms to Access Information and Resolve Disputes
Every individual has a right to be informed of the data referring to themselves, and of its purpose
and the use to which it is put, in public or private registries, and in case of error, falsehood or
discrimination, to demand its correction or suppression. This right can be exercised without cost,
and the information must be provided within twenty working days of its request.
In addition, any person can require from the supervisor information regarding the existence and
location of personal information databases, their purposes and the identities of their principals.
4.9 Information Sharing Policies
The information in the CR-BCU is shared under restrictions with financial intermediary institutions,
which may access consolidated information on their own clients, information on debtors with nonperforming or written-off loans, as well as being allowed individual queries on the consolidated
financial data and risk classification of any debtor in the financial system.
However, since the approval of Law 17.948 on December 27th 2005, any person (natural or legal)
may request consolidated information on any other individual or firm operating with financial
intermediaries, with respect to transactions involving bank assets as well as to the risk classification
that appears in the BCU-managed Loan Registry.
Currently, the CR-BCU does not share its database with public sector entities, private credit bureaus
or other public databases.
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Uruguay Report
May 2006
5 INTERACTION WITH OTHER COMPONENTS
OF THE FINANCIAL INFRAESTRUCTURE
5.1 Payment Systems and Instruments
The principal means of retail payments in Uruguay are cash and checks. From 2000 to 2004,
M1 grew by close to 50 percent with an important increase during the years 2002 and 2003 as a
result of the banking crisis. There is a clearinghouse for checks in both local currency and in USD
denominations regulated by the BCU and operated by the Bolsa Electrónica de Valores del Uruguay
(BEVSA), a private institution owned by the banking sector. The public’s deposit accounts are not
standardized and checks may be endorsed without limit.
The use of instruments other than cash for retail payments is limited in Uruguay but is rapidly
increasing. By May 2006 approximately 1.9 million cards existed of which close to 1.3 million
were credit cards, although only 50 percent of them wee active, meaning that they had been used
in the last two months. Debit cards are used mainly for automatic teller machines. Generally, banks
offer a debit card whenever an account is opened. The main card issuing companies are OCA, VISA,
MASTERCARD, DINERS and AMEX.
It is important to note that a non-bank payments infrastructure has been developed in Uruguay,
mainly in cash or checks, through which a great variety of payments for services can be made at
agencies. The most important ones are ABITAB and RED PAGOS.
ABITAB provides service to more that 500 firms. In 2004 it processed 42.9 million billing statements,
equivalent to USD 2.75 billion. It has developed a network with more than 360 agencies distributed
around the country, and is present in more than 100 localities where more than 1,200,000 clients
are attended monthly.
5.2 National Office of Registries (DNR)
In accordance with Organic Law Nº 16.871 the DNR depends on the Ministry of Education and
Culture and is in charge of directing and controlling public registries.
5.2.1 Property Registry
The Property Registry covers real estate and movable assets. The Real Estate section operates at the
departmental level and has headquarters in the capital city of each Department, notwithstanding
other existing or future local Registries.
The Movable section comprises the National Registries of Non-transferable Liens and Automotive
Vehicles, with central organization at the national level and agencies at the departmental and local
levels.
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Uruguay Report
May 2006
5.2.2 National Registry of Personal Actions
The National Registry of Personal Actions has national jurisdiction with headquarters in Montevideo,
comprising five sections:
Interdictions: this is the registry of general limitations on a natural or legal person’s powers of
disposition or other preventive measures decreed by the courts; asset seizures, loss, suspension,
limitation and restitution of parental authority; and parental agreements on the administration of
the assets of children under their authority.
Marriage regimes: marriage contracts and their dissolution, except when due to the death of either
spouse, are registered here.
Mandates or Powers of Attorney: the following actions are registered when referring to mandates or
powers of attorney, whether or not registered: revocation, renouncement, substitution, suspension,
limitation, extinction, and modifications and corrections of sufficient relevance to the aforementioned
actions to merit registration.
Universalities: this section is for registering the cession of hereditary rights, the cession of rights to
assets which are retained from the dissolution of a marriage, a legal action petitioning inheritance
and all other action staking a general claim, the abandonment of a spouses assets and rights,
the abandonment of a beneficiary heir’s assets in favor of creditors and legatees, legal actions to
determine paternity or maternity, modifications, declarations, corrections and cancellations of
inscribed rights.
Civil Societies for Joint Real Estate Ownership: the constitution of civil societies for joint real
estate ownership, their total or partial dissolution, and the cessions, modifications, rescissions and
cancellations of inscribed rights are registered here.
5.2.3 National Registry of Commerce
The National Registry of Commerce has national jurisdiction and is headquartered in Montevideo.
The following actions and contracts are entered in this registry: donations and bequests; charter
contracts for commercial societies, cooperatives, economic interest groups and consortia; asset
seizures; promises to sell commercial establishments; transmissions of any nature and for any reason,
and adjudications arising from the partition of partnership shares or commercial establishments;
lawsuits and sentences on demands, whether or not inscribed, arising from court action stemming
from a judicial rescission of a promise or sale of commercial establishments; maritime privileges
and all actions that alter or modify existing entries.
The DNR is currently in the implementation phase of a Single Registry System that will allow for
interconnectivity and remote consultation with all the registries operating in Uruguay. Currently this
system allows remote queries on personal actions, commerce and property registry in Montevideo;
however this system does not function in real time since the requested information is not displayed
onscreen but must be obtained through the DNR offices.
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Uruguay Report
May 2006
There is currently a draft law under discussion in Congress that would create the Single Registry of
Financial Credit. This registry would also be operated by DNR and would register all credit extended
by non-financial intermediaries. Those transactions reported to the BCU Loan Registry would be
excluded. In order to legally enforce payment of these loans the creditor would have to include
proof of registration of the credit agreement, otherwise the legal action would not proceed. Entry
in the registry would include creditor and debtor data (name, identity document and number, tax
number, in case of a firm the trade name and tax number, and if no tax number a sworn statement
of non-inscription citing the norm exempting it). Additional information would include address,
amount, currency, term and origin of the loan granted, interest rate, expenses and commissions
derived from the transaction, as well as any other cost incurred and guarantee provided.
5.3 National Office of Civil Identification (DNIC)
The DNIC is responsible for providing citizens with their identification document (identity card). Since
2002 the information on identification is migrating from printed images on paper or microfilm to a
digital format. These digital files contain a birth certificate, fingerprints, photo and ID number.
Request for verification of identity must currently be lodged in person at DNIC offices, although a
project is currently underway to allow for online verification.
5.4 General Tax Authority (DGI)
The General Tax Authority is responsible for the administration of internal revenue in the country,
and depends on the Ministry of Economics and Finance.
In order to carry out its function the DGI receives an extract of corporate financial statements. In the
case of those companies classified as large (about 250 of the major tax payers) the information is more
complete since audited financial statements must be submitted. However the DGI is not authorized
to distribute this information because of the regulations that set out its areas of competence.
Nevertheless the DGI may share information which is public, for example data that appears
on corporate billing statements such as the fiscal identification number (RUC), trade name and
address.
The DGI produces a Single Certificate that reflects compliance with tax obligations and is
communicated to financial institutions and LIDECO. This information includes name, address and
RUC.
5.5 National Internal Audit Office
The National Internal Audit Office is a controlling agency which is functionally independent
from the Executive Branch through the Ministry of Economics and Finance, and enjoys technical
autonomy in the fulfillment of its responsibilities. It heads the system of internal control of actions
and economic and financial management at public sector agencies. In the private sector its mission
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Uruguay Report
May 2006
is to act as the state control organ for the approval of statutes and their modifications in the case of
bearer stockholder corporations.
According to Decree 253/01 all companies whose assets surpass 30,000 UR (approximately US
343,000) or net operating income exceeds 100,000 UR (about USD 1,145,000) at the end of the fiscal
year, must report their financial information within the 180 days following the close of the fiscal
year. This information must include the general data on the company (name, address, tax number,
type of business) and financial statements, including notes. The information must be submitted in
printed form according to pre-established format with a copy on magnetic media (diskette). The
information is available on internet, through the screen display of a scanned image of the financial
statements.
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Uruguay Report
May 2006
APPENDIX:
STATISTICAL TABLES
The first series of Tables (A) provides information on credit reporting in Uruguay. These Tables have
been prepared following the Standard Methodology for Country Tables designed by the principal
team of the Initiative. This methodology is available on the WHCRI website, www.whcri.org.
The second series (B) provides general statistical information on the financial system and the loan
market.
Series A
Credit reporting statistics
A1
Basic Statistical Data................................................................................................. 37
A2
Institutions Reporting on Bank Loans and Credit, and Other Relevant
Databases for Lending Activities............................................................................... 37
A3
Private Credit Bureaus – Ownership Structure.......................................................... 38
A4
Institutions Reporting to Private Credit Bureaus........................................................ 38
A5
Institutions Reporting to Public Registries for Credit Information............................... 39
A6
Individuals, Firms and Transactions Registered in Private Credit Bureaus.................. 39
A7
Individuals, Firms and Transactions Registered in Public Registries for
Credit Information.................................................................................................... 40
A8
Credit Reports Requested From Private Credit Bureaus
(by type of requesting institution).............................................................................. 41
A9
Credit Reports Requested From Private Credit Bureaus
(by mode of delivery)............................................................................................... 42
A10
Credit Reports Requested From/Provided by Public Registries for Credit
Information............................................................................................................... 43
Series B
General statistics on the financial system and loan market
B1 Financial Institutions................................................................................................. 44
B2 Credit Granted by Financial Sector Entities
(by type of institution in USD millions)...................................................................... 44
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Uruguay Report
May 2006
(by debtor category in USD millions)......................................................................... 45
(by type of loan in USD millions).......................................................................................45
B5
36
Quality Indicators of Loans Granted by Financial Sector Entities...................................46
Uruguay Report
May 2006
A1: Basic Statistical Data
2000
Population
3,300
GDP (US Million)
2001
2002
2003
2004
3,308
3,309
3,303
3,301
2005
3,306
20,08718,56112,27811,19113,21515,712
GDP per Capita (in USD)
6,086
5,610
3,710
3,388
4,033
4,752
Exchange rate vs. USD
End of year
12.5114.77
27.17
29.29
27.38
24.12
Average
12.4414.07
27.22
29.23
26.58
23.65
A2: Institutions Reporting on Bank Loans and Credit, and Other Relevant
Databases for Lending Activities
Name
General Description
CLEARING
DE INFORMES
Private firm whose main objective is to gather and
distribute credit information on individuals and
firms. It also provides additional data verification
services.
LIDECO
Not-for-profit corporate trade association. Founded in
1915 and composed of various business sectors.
INFOCRED
Database created by “commercial centers”. Provides
members with information on credit and commercial
background of individuals or firms.
CR-BCU
Loan registry operated by the Central Bank; the information is employed for supervisory purposes. BCU sends
each institution the data on its debtors.
Identification
databases
Dirección Nacional
de Identificación Civil
This is the directorate charged with providing citizens
with their identification documents.
Property, personal
actions and
commercial
registries
Dirección Nacional
de Registros
Charged with managing and controlling property registries in its divisions corresponding to real estate and
movable property, personal actions and commerce
registries.
Private Credit
Bureaus
Public Credit
Information Registries/
Loan Registries
Other Data Bases
(continue on next page)
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Uruguay Report
May 2006
A2: (conclude)
Name
General Description
Tax registry
Dirección General
Impositiva
This office receives an extract of corporate financial
statements, although it is not authorized to distribute
them.
Other
Auditoria Interna
de la Nación
Firms whose assets exceed 30,000 UI or whose operating
income exceeds 100,000 UI must send their financial
statements to the National Internal Audit Office.
Source: Own elaboration.
A3: Private Credit Bureaus – Ownership Structure
Shareholder Name
CLEARING DE INFORMES
LIDECO
INFOCRED
Percentage of Shares
Equifax100%
Trade association
…
Commercial centers
…
Sources: Private credit bureaus.
A4: Institutions Reporting to Private Credit Bureaus
At the time of preparation of this report no information was available on institutions reporting
to private credit bureaus
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Uruguay Report
May 2006
A5: Institutions Reporting to Public Registries for Credit Information
2000
2001
2002
2003
2004
2005
LOAN REGISTRY
Financial sector 44
45
43
Banks
22
22
22171515
Financial Intermediation
Coops.
6
6
6
4
4
3
Finance Houses
7
6
6
6
6
6
External Financial Institutions1011
9
6
6
6
Funds
0
0
01
2
5
Trust Funds
0
0
01
3
5
Non-financial Sector 0
0
0
0
0
0
44
45
43
36
35
40
Total
36
35
40
A6: Individuals, Firms and Transactions Registered in Private
Credit Bureaus
2000
2001
2002
2003
2004
2005
Number of registered individuals n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Number of registered firms n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Total
Number of entries on individuals
.
.1,719,5701,786,7251,908,8941,992,478
Number of entries on firms .
.125,052130,892137,400141,576
.
.
Total
1,844,622
1,817,617
2,046,294
2,134,054
LIDECO
Number of registered individuals 16,70716,70817,80218,933
Number of registered firms Total
Number of entries on firms Total
20,891
23,354
3,786 49,566
66,381
68,026
71,569
307,234
20,493 66,274
84,183
86,959
92,460
330,588
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
(continue on next page)
39
Uruguay Report
May 2006
A6: (conclude)
2000
2001
2002
2003
2004
2005
INFOCRED
Number of registered individuals .
Number of registered firms .
.
n.a.
n.a.
9,700
.
.
.
n.a.
n.a.
500
.
.
.
n.a.
n.a.
10,200
.
.
.
n.a.
n.a.
460,000
.
.
n.a.
n.a.
5,000
.
.
.
n.a.
n.a.
465,000
Total
Total
TOTAL GENERAL
Number of registered individuals 16,70716,70817,80218,933
Number of registered firms Total
20,891
33,054
3,786 49,566
66,381
68,026
71,569
307,734
20,493 66,274
84,183
86,959
92,460
340,788
.
.1,719,5701,786,725
.
2,452,478
.125,052130,892
.
449,310
Total
2,901,788
Source: Private credit bureaus.
A7: Individuals, Firms and Transactions Registered in Public Registries
for Credit Information
2000
2001
2002
2003
2004
2005
LOAN REGISTRY
Number of individuals
n.a
n.a
n.a
n.a
n.a
n.a
Number of firms
n.a
n.a
n.a
n.a
n.a
n.a
Total
n.a
n.a
n.a
n.a
n.a
n.a
Number of entries
on individuals103,169136,994187,853157,623196,957
293,733
Number of entries
on firms
Total
18,767
21,145
23,492
25,883
31,690
43,304
121,936
158,139
211,345
183,506
228,647
337,037
Memo: inferior reporting limit for firms, individuals and accounts in public credit information registries.
40
Uruguay Report
May 2006
A8: Credit Reports Requested From Private Credit Bureaus
(by type of requesting institution)
2000
2001
2002
2003
2004
2005(a)
Financial sector n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Banks
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Other n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Non-financial sector
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Individuals or firms
requesting their own
credit report
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Total
LIDECO
Financial sector n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Banks
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
8,908
Other
6,68711,33014,827
7,75011,915
4,291
4,952
5,607
4,26911,93312,422
credit report
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Total
INFOCRED
Financial sector .
.
.
n.a.
n.a.
n.a.
Banks
.
.
.
n.a.
n.a.
n.a.
Other .
.
.
n.a.
n.a.
n.a.
.
.
.
n.a.
n.a.
n.a.
credit report
.
.
.
n.a.
n.a.
n.a.
.
.
.
n.a.
n.a.
n.a.
Total
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Uruguay Report
May 2006
A9: Credit Reports Requested From Private Credit Bureaus
(by mode of delivery)
2000
2001
2002
2003
2004
2005
Direct connection
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Internet
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
E-mail
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Fax
.
.
.
.
.
.
Physical delivery
.
.
.
.
.
.
Other
Total
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
LIDECO
Direct connection
.
.
50,914
51,941
E-mail
.
.
.
Fax
.
.
5,120
Internet
Physical delivery
Other
Total
.
.
.
.
29,80719,192
31,864
32,076
.
.
.
.
.
.
.
5,718
3,864
3,947
6,124
7,486
.
.
.
.
.
.
56,034
57,659
33,671
23,139
37,988
39,562
INFOCRED(a)
Direct connection
.
.
.
n.a.
n.a.
0
Internet
.
.
.
n.a.
n.a.
33,837
E-mail
.
.
.
n.a.
n.a.
0
Fax
.
.
.
n.a.
n.a.
0
Physical delivery
.
.
.
n.a.
n.a.
0
Other (telephone)
.
.
.
n.a.
n.a.
74,228
.
.
.
n.a.
n.a. 108,125
Total
(a)
42
The figures correspond to queries during the period January-June 2006.
Uruguay Report
May 2006
A10: Credit Reports Requested From/Provided by Public
Registries for Credit Information
(by type of requesting entity)
In the case of Uruguay this table does not apply since the information is available online
for institutions providing information.
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Uruguay Report
May 2006
B1: Financial Institutions
Banks
Private Banks
State-owned Banks
2000
2001
2002
2003
2004
2005
22
22
22
17
15
15
20
20
20151313
2
2
2
2
2
2
Non-bank Financial
Intermediaries
22
23
21
18
21
25
Finance Houses
7
6
6
6
6
6
Cooperatives
5
6
6
4
4
3
IFES1011
9
6
6
6
Funds
0
0
01
2
5
Trust Funds
0
0
01
3
5
44
45
36
40
Total
43
35
B2: Credit Granted by Financial Sector Entities
(by type of institution in USD millions)
2000
2001
2002
2003
2004
2005
11,476
11,516
7,637
4,360
3,992
4,158
Private Banks
5,809
6,543
3,8721,8141,849
2,014
State-ownded Banks
5,668
4,973
3,764
2,546
2,142
2,144
509
473
302
262
249
217
Finance Houses150
99
41
38
43
49
Banks
Non-bank Financial
Intermediaries
Cooperatives
Total
44
359
374
262
224
11,986
11,989
7,939
4,622
205168
4,240
4,375
Uruguay Report
May 2006
(by debtor category in USD millions)
2000
2001
Non-financial Private Sector11,41811,363
2002
2003
7,285
4,272
2004
3,915
2005
3,979
Individuals
3,394
3,121
2,2011,3951,0301,231
Firms
8,024
8,242
5,084
2,878
2,885
2,748
5,247
5,642
4,008
4,285
4,407
5,052
Financial Sector
Public non-financial Sector
Total
568
626
654
350
325
396
17,413
17,631
11,947
8,907
8,648
9,247
(by type of loan in USD millions)
2000
Commercial
n.a.
2001
2002
2003
7,451
5,200
3,045
2004
2,432
2005
2,411
Short Term
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Long Term
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Mortgage n.a.1,894
915
746
766
861
Personal
n.a.1,5791,158
582
651
670
Other n.a.1,065
Total
n.a.
(a)
11,989
665
249
391
433
7,939
4,622
4,240
4,375
(a)
Includes Public Sector.
45
Uruguay Report
May 2006
B5: Quality Indicators of Loans Granted by Financial Sector Entities
(in USD millions)
2000
2001
Total Loans11,98611,989
2002
2003
7,939
4,622
2004
4,240
2005
4,375
Current
9,362
9,213
3,992
3,382
3,459
3,582
Past Due
2,624
2,776
3,9471,240
781
792
261
428
284
275
Provisions 518
488
Classification
1
n.a.
2
n.a.
511
490
3
n.a.
490
418
4
n.a.
618
5
n.a.
505
Unclassification
n.a.
6,971
46
2,8931,3241,493
2,145
2,578
511
414
466
296
451
431
707
349
376
303
691
677
203
219
4,3091,296
650
378
Uruguay Report
May 2006
ANNEXES
1: LIDECO Complete Report................................................................................................ 48
2: INFOCRED - Inclusion of Information............................................................................. 55
3: INFOCRED - Cancellation of Transactions in Arrears. ..................................................... 56
4: CR - On Line - Queries. ................................................................................................... 57
47
Uruguay Report
Annex 1: LIDECO Complete Report
48
May 2006
Uruguay Report
May 2006
49
Uruguay Report
50
May 2006
Uruguay Report
May 2006
51
Uruguay Report
52
May 2006
Uruguay Report
May 2006
53
Uruguay Report
54
May 2006
Uruguay Report
May 2006
Annex 2 : INFOCRED - Inclusion of Information
55
Uruguay Report
Annex 3 : INFOCRED - Cancellation of Transactions in Arrears
56
May 2006
Uruguay Report
May 2006
Annex 4 : CR - On Line - Queries
Debts' name
Identification
57
Uruguay Report
58
May 2006
Uruguay Report
May 2006
LIST OF ABBREVIATIONS
ABPRU
Asociación de Bancos Privados de Uruguay
Association of Private Banks of Uruguay
BCU
Banco Central del Uruguay
Central Bank of Uruguay
BEVSA
Bolsa Electrónica de Valores del Uruguay
Electronic Securities Exchange of Uruguay
BHU
Banco Hipotecario de Uruguay
Mortgage Bank of Uruguay
BROU
Banco de la República Oriental de Uruguay
Oriental Republic Bank of Uruguay
CND
Consejo Nacional para el Desarrollo
National Development Corporation
CR-BCU
Central de Riesgo – Banco Central del Uruguay
Credit Risk Center – Central Bank of Uruguay
DGI
Dirección General Impositiva
General Tax Authority
DNG
Dirección Nacional de Registros
National Office of Registries
DNIC
Dirección Nacional de Identificación Civil
National Office of Civil Identification
FUCAC
Federación Uruguaya de Cooperativas de Ahorro y Crédito
Uruguayan Federation of Savings & Credit Cooperatives
IIF
Institución de Intermediación Financiera
Financial Intermediary Institution
LIDECO
Liga de Defensa Comercial
Commercial Defense League
PIB
Producto Interno Bruto
Domestic Gross Product
PyMEs
Pequeñas y Medianas Empresas
Small and Medium Enterprises
RUC
Registro Único de Contribuyentes
Taxpayer Registration Number
SIIF
Superintendencia de Instituciones de Intermediación Financiera
Superintendence of Financial Intermediary Institutions
59
Uruguay Report
May 2006
NFS
Sector No Financiero
Non-financial Sector
UI
Unidad indexada
Indexed Unit
UR
Unidad Reajustable
Re-Adjustable Units
60
Uruguay Report
May 2006
GLOSSARY
Gross credit
Value of loans without deducting provisions for non-collection.
Commercial centers
Trade association organizations in given geographical areas.
Basic Regulatory Capital
This is the Basic capital set for each class of financial intermediary
as a function of its operational specialization. The basic regulatory
capital for banks at 31/12/2005 was UI 130 million.
61
ISBN 978-968-5696-02-9

Uruguay - WHCRI.org

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