The operation of Central Information Registry (CIR) came into effect
Central Bank of Cyprus announced yesterday (31/07/2013) that will put again into effect the operation of Central Information Registry (CIR).
The operation of CIR has been suspended on 10th of April due to the extraordinary situation prevailed in Cyprus’ banking sector following the bailout deal and the restrictions which been imposed on bank transactions.
As the announcement indicates, CIR operations recommence officially on 1st of September in order to allow check’s issuers to settle their obligations.
Any dishonored checks which have been issued on 1st of August and after, will be registered in the CIR by virtue of the “Common Directives”.
In light of the recent developments in the banking system, the registration of check issuer in the CRI will be based on certain criteria and conditions and under differentiated process.
This process will:
• Take into account the problems arising from the restrictive measures, and, the provisions of the Enforcement of Temporary Restrictive Measures on Transactions Decree.
• Recognize the problems arising from the reorganization measures and aims at the transparent, fair and equitable treatment of persons which would be included in the CIR, simply because of reorganization measures.
• Simplify the process of settlement of dishonored checks and their removal from the CIR.