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CBRC asks banks to set up blacklist of malicious borrowers
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The China Banking Regulatory Commission asked commercial banks to fend off credit risk by keeping blacklists of malicious borrowers, a media report said today.
The top banking regulator recently warned of credit risks associated with excessive credit and multiple-guarantor loans at an internal meeting, Caixin.com reported.
The China Banking Association will be responsible for organizing the banks to establish a blacklist of debt evaders in key industries such as steel trading.
Banks were put on high alert in 2012, when faltering steel traders struggled to repay their debts. The trading firms provided mutual guarantees for each other to get bank loans, making it difficult for banks to recoup loans when the whole industry suffers from overcapacity and a slowdown.
The regulator asked the banks to share information with each other to prevent dishonest business owners from repeatedly getting bank loans in different cities and provinces.
The approach will keep records companies involved in loan write-offs, pornography, gambling and drugs, loan-sharking and illegal fundraising, mortgage fraud, credit card kitting, defaults on installment of credit card spending, as well as those that failed to follow court orders.
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