EN ECB -PUBLIC  
 
OPINION OF THE EUROPEAN CENTRAL BANK  
of 31 August 2016   
on a central credit register  
(CON/2016/ 42) 
 
Introduction and legal basis  
On 29 July 2016, the European Central Bank (ECB) received a request from the Slovenian Ministry of 
Finance for an opinion on a  draft law on the central credit register (hereinafter the ‘ draft law ’). 
The ECB’s competence to deliver an opinion is based on Articles 127(4) and 282(5) of the Treaty on the 
Functioning of the European Union and the third, fourth and sixth indents of Art icle 2(1) of Council 
Decision 98/415/EC1, as the draft law relates to Banka Slovenije, the collection, compilation and 
distribution of financial and banking statistics, and the rules applicable to financial institutions insofar as 
they materially influence the stability of financial institutions and markets. In accordance with the first 
sentence of Article 17.5 of the Rules of Procedure of the European Central Bank, the Governing Council 
has adopted this opinion.  
 
1. Purpose of the draft law  
1.1. The draft law lays down the legal framework governing the establishment and operation of a central 
credit register (hereinafter , the ‘credit register ’) and an electronic information exchange system 
(hereinafter, the ‘information exchange system ’) by Banka Slovenije. The credit register will be a 
centralised collection of data concerning credit transactions with natural persons and business 
entities and concerning credit risks and other exposures in relation to business entities. 
The information exchange  system , which is to  form part of the credit register,  constitutes  an 
electronic system for the exchange of data and information relating to the indebtedness of business  
entities and natural persons . 
1.2. The aim s of the draft law are: (1) to facilitate the implement ation of  Banka S lovenije’s measures in 
the fields  of monetary policy, macro- prudential supervision and ensuring financial stability ; (2) to 
enable  the effective management of credit risk ; and ( 3) to renew  the national reporting framework 
on credit and credit risk  to ensur e compliance with the framework laid down in  Regulation (EU) 
2016/867 of the European Central Bank (ECB/2016/13)2. 
1.3. The management of the credit register by Banka Slovenije  will include : (1) the standardised 
collection of data and information on credit transactions and other exposures ; (2) the processing, 
                                                 
1 Council Decision 98/415/EC of 29 June 1998 on the consultation of the European Centr al Bank by national 
authorities regarding draft legislative provisions (OJ L 189, 3.7.1998, p. 42).  
2 Regulation (EU) 2016/867 of the European Central Bank of 18 May 2016 on the collection of granular credit and 
credit risk data (ECB/2016/13)  (OJ L 144, 1.6.2016, p. 44) . 
ECB -PUBLIC  
2 storage, analysis and dissemination of data for purposes of statistical research3 and in connection 
with other tasks and objectives of Banka Slovenije;  and ( 3) ensuring the existence of a set of data 
relati ng to the indebtedness of business entities and natural persons in the information exchange 
system . 
1.4. Under  the draft law, Banka Slovenije will collect the data on credit and credit risk  of business 
entities for the credit register  from reporting units  on the basis of standardised reporting. The data 
on the indebtedness of natural persons will be collected exclusively from the reporting units , which 
will a t the same time also be members of the information exchange system . The draft law requires 
reporting unit s to report to Banka Slovenije data for the credit register on the first reference dat e for 
reporting.  It also sets out rules on the scope of the collection and processing of data of natural 
persons and the applicable retention  periods in respect of such data. Personal information  
contained in the credit register is to be processed in accordance with th e requirements set out in 
the draft law and the Law on protection of personal data4.  
1.5. The draft law authorises Banka Slovenije to adopt implementing legislat ion on the scope, content 
and methods of collecting, processing, disseminatin g and transmi tting the data and information of 
business entities to be held in the credit  register .  
1.6. The draft law also regulates the protection of the confidentiality  of data in the credit register,  as well 
as permissible uses  and transmission of such data.  
1.7. The draft law explicitly states that  the credit register is to be established in order to facilitate  
statistical research that is to be carried out by Banka Slovenije, based on the Law on Banka 
Slovenije and Article 5 of the Statute of the ESCB . This research is to be conducted to support the  
carrying out  of Banka Slovenije ’s tasks , in particular in the fields of : (1) the conduct  of monetary 
policy ; (2) ensuring financial stabil ity; and (3) macro- prudential supervision and risk management . 
The draft law further provides that Banka Slovenije shall also process the data collect ed in the 
credit register for the purposes of carrying out its supervis ory tasks in accordance with the La w on 
banking5 and Regulation (EU) No 575/2013  of the European Parliament and of the Council6, as 
well as for the supervision of other entities in accordance with other laws . Furthermore,  the draft 
law provides that Banka Slovenije may, for the abovementioned purposes, link the part of the credit 
register ’s database that relates to the data of business entities to other data bases  managed by 
Banka Slovenije, as well as  to databases  established and managed by the ECB for the purposes of 
carrying out the ECB’s tasks in accordance with the Statute of the ESCB  and Council Regulation 
(EC) 2533/987. 
                                                 
3 The l egal bas es for the statistical research carried out by Ba nka Slovenije are Article 13 of the Law on Banka 
Slovenije  (Zakon o Banki Slovenije) (ZBS -1) (Ur. l. RS No 72/06 – official consolidated text, and 59/11) and 
Articl e 5 of the Statute of the European System of Central Banks and of the European Central Bank  (hereinafter the 
‘Statute of the ESCB’) . 
4 Zakon o varstvu osebnih podatkov (ZVOP -1) (Ur. l. RS No 94/07 –  official consolidated text).  
5  Zakon o bančništvu (ZBan -2) (Ur. l. RS No 25/15 and 44/16 ZRPPB ). 
6 Regulation (EU) No  575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential  
requirements  for credit  institutions  and investment  firms  and amending Regulation (EU) No 648/2012 (OJ L 176, 
27.6.2013, p. 1) . 
7 Council Regulation (EC) No 2533/98 of 23 November 1998 concerning the collection of statistical information by the 
European Central Bank  (OJ L 318, 27.11.1998, p. 8) . 
ECB -PUBLIC  
3 1.8. The information exchange system is to be set up as a part of the credit register that  enables its 
members to access individualised data on the credit risks of natural persons and business entities. 
Its purpose  is to facilitate the efficient assessment of credit risk , both in terms of the initial decision 
to grant  credit and in terms of the ongoing assessment of existing exposures , and to promot e 
policies and measures for responsible lending and sustainable indebtedness of natural persons and business entities . The management of the information exchange system  includes the 
integration of data and information on business entities and natural persons from the credit register 
into the information exchange system and the centralised processing of data and information, 
which includes printout s of individualised data.  The draft law specifies which members are 
reporting units that must mandatorily be included in the information exc hange system and 
establishes retention periods for the data in the information exchange system. It also delineates the 
scope of the data to be contained in the information exchange system, with respect both to natural 
persons and business entities . The draft law regulates access to data in the information exchange 
system by its members, who must fulfil technical and security requirements to be determined by 
Banka Slovenije in implementing legislation . The draft law also lays down the  rules on the 
protection of the confidentiality of information by members of the information exchange system . 
The draft law governs the right of the natural persons to be informed about  their personal data in 
the information exchange s ystem, in accordance with the Law on protecti on of personal data.  
Furthermore, the draft law establishes the right of business entities to be informed of the 
processing of data in the information exchange s ystem . 
1.9. The draft law provides that  Banka Slovenije will carry  out supervision of reporting unit s in order to 
ensure the fulfilment  of their obligation to report the data to the credit register . In order to obtain 
information about and perform due diligence on a reporting unit, Banka Slovenije will carry  out 
supervision on the basis of the Law on banking .  
1.10.  The draft law provides that  reporting units will report data and information for the credit register to  
Banka Slovenije free of charge.  The members of the information exchange system will  pay a fee to 
be established by Banka Slovenije  in the implementing legislation, which will cover  both 
membership of the system and access to the information contained in it . The fee to be paid by 
business entities in order to receive information concerning the data held about them in the  
information exchange system  is to be established in Banka Slovenije’s implementing legislation;  
whereas  the fee to be paid by  natural persons  will be in accordance with the relevant provisions of 
the Law on protection of personal data.  
 
2. Scope of the opinion  
This opinion focuses on:  (1) specific aspects of the operation and management of the credit 
register and the information exchange system by Banka Slovenije (Section 3.1) ; and (2) the new 
tasks conferred on Banka Slovenije in relation to the prohibition of monetary financing under 
Article  123 of the Treaty (Section 3.2).  
ECB -PUBLIC  
4 3. Observations  
3.1 Operation and management of the credit register and the information exchange system by Banka 
Slovenije  
3.1.1  The ECB welcomes the draft law.  The explanatory memorandum states that the draft law aims to 
renew  the existing national reporting framework in order to fulfil new reporting requirements in the 
context of the AnaCredit project.  As specified in Recital 12  of Regulation (EU) 2016/867 
(ECB/2016/13) , the first stage of reporting under AnaCredit includes cred it granted by credit 
institutions to legal entities . In subsequent stages t he scope of reporting m ay be extended to collect 
data on instruments granted by financial intermediaries other than credit institutions , and on 
instruments granted to natural persons. In this context, the ECB also welcomes  that the scope of 
the draft law is broader than the current scope of Regulation (EU) 2016/867 (ECB/2016/13) as it 
already covers information which may be covered in subsequent amendments to  Regulation (EU) 
2016/867 (ECB/2016/13) , such as collection of credit and credit risk data in respect of natural 
persons . In addition, the ECB notes that the draft law  not only enables the collect ion of such data in 
respect of natural persons , but also ensures the protection of th eir rights.   
3.1.2  As noted in paragraph 1. 5, Banka Slovenije shall through secondary implementing legislation 
prescribe the scope and content of data of business entities. For this purpose, t he ECB suggests 
that the Banka Slovenije ensures  at each point in time that the data model defined in such 
implementing legislation corresponds  to the data model valid at that point in time under  Regulation 
(EU) 2016/867 (ECB/2016/13)  in order for reporting requirements and implementation practices 
across the Eurosystem  to remain sufficiently  harmonised8. Nevertheless, the ECB notes that 
further development s of the AnaCredit project, for instance by means of requiring additional data 
attributes to be collected, m ay lead to the need to amend the draft law in the future should Banka 
Slovenije ’s power  to adopt secondary implementing legislation prove insufficient  for th e purpose of 
incorporating such further developments . 
3.1.3  The ECB understands that the draft law allows Banka Slovenije to link the part of the credit register’s datab ase that relates to the data of business entities to databases established and 
managed by the ECB for the purposes of carrying out the ECB’s tasks, including for monetary 
policy, financial stability, macro- prudential supervisory, micro- prudential supervisory, risk 
management and statistical purposes . The ECB welcomes these provisions of the draft law, and 
notes that not only the financial market s in general, but also the Eurosystem , which uses credit risk 
assessment in its collateral framework for monetary policy operations , may benefit from a more 
informed evaluation of credit risk
9. For reasons of legal certainty  and to promote the efficient 
supervision of significant credit institutions  the ECB suggests that the draft law could usefully 
reinforce these pr ovisions by including, for the avoidance of doubt,  an explicit clarification  that the  
                                                 
8 See paragraph 2.3 of Opinion CON/2015/20 and paragraphs 2.4 and 2.5 of Opinion CON/2013/93.  All ECB opinions 
are published on the ECB’s website at www.ecb.europa.eu.  
9  See paragraph 2.1 of Opinion CON/2014/57.  
ECB -PUBLIC  
5 information in the credit register may be accessed by the ECB  in order  for it to carry out its 
supervisory tasks  under Regulation (EU) 1024/201310.  
3.1.4  The ECB welcomes that the draft law enables Banka Slovenije,  as the sole operator of the 
information exchange system , to make special agreements on linking the information exchange 
system with comparable databases established in Member States. The ECB also welcomes that 
Banka S lovenije can also conclude agreements with operators of information exchange systems for 
assessing the creditworthiness of customers in third countries, if reciprocity is guaranteed.  
3.1.5  The ECB welcomes that the system of electronic exchange will enable its m embers to develop 
more informed assessment s of credit risk and enhance their risk management capabilities.  
The ECB understands that the confidentiality and protection of the data is fully guaranteed by the 
relevant pr ovisions of the draft law.  
3.2 Conferral of  new tasks on Banka Slovenije  
3.2.1  The draft law broadens Banka Slovenije’s current responsibilities  relating to the collection of 
statistical data  by assign ing to Banka Slovenije new tasks  in connection with the establishment and 
operation of a credit register  as a centralised collection of granular credit and credit risk data. In 
addition, the draft law also establishes an information exchange system which enables its members 
to access granular credit and credit risk data on business entities . It also confers on Banka 
Slovenije supervisory tasks in relation to the reporting of the data and information included in the 
credit register.  
While it is acknowledged that the attribution of these new tasks is mainly driven by the aim to 
ensure compliance with Regulation (EU) 2016/867 (ECB/2016/13) , these new tasks are indeed part 
of a thorough revamping of the national framework for the reporting of risks whose management is 
entrusted to Banka Slovenije,  which triggers the need to perform the assessment  outlined below .  
3.2.2  The ECB wishes to reiterate that when new tasks are conferred on a member of the European 
System of Central Banks (ESCB), it is necessary to assess such conferral against the prohibition of 
monetary financing under Article 123 of the Treaty.  
For this pur pose, the ECB has developed guidance, in the form of general and specific 
considerations as set out in paragraphs  3.2.3 and 3.2.4, on the basis of which the ECB may decide 
whether the new task conferred on an ESCB national central bank (NCB) is to be consi dered a 
central banking task or a governmental task for the purposes of the monetary financing 
prohibition11. The concrete assessment of whether Banka Slovenije’s tasks as the authority 
responsible for establishment and operation of the credit register are to be considered central 
banking task s or governmental task s is undertaken in paragraph 3.2.5  of this opinion.  
3.2.3  First, the systematic categorisation of tasks assigned to NCBs as central banking or government 
tasks applies to genuinely new tasks that did not  exist in the past or did not form an integral part of 
the central banking tasks already assigned to the NCB in the past. In recognition of the Member 
States’ legal frameworks, central banking traditions and national set -ups, the tasks currently 
                                                 
10   Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the E uropean Central Bank 
concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).  
11  See Opinion CON/2016/38.  
ECB -PUBLIC  
6 discharged by an NCB as central banking tasks are not reviewed and re- categorised, but may be 
reassessed if their substance is amended.  
Second, the principle of financial independence requires that the Member States may not put their 
NCBs in a position where they have insufficient financial resources to carry out their ESCB - or 
Eurosystem -related tasks.  
Third, central banking tasks comprise in particular those tasks that are related to the tasks listed in 
Article 127(2), (5) and (6) of the Treaty.  
Fourth, new tasks  conferred on an NCB that are atypical of NCBs’ tasks, or which are clearly 
discharged on behalf of and in the exclusive interest of the government or of other public entities, 
should be considered as governmental tasks.  
3.2.4  An important criterion for q ualifying a new task as a government tasks is t he impact of the task on 
an NCB’s institutional, financial and personal independence. In particular, the following should be taken into account.  
First, it should be assessed whether the performance of the new task will create inadequately 
addressed conflicts of interests with existing central banking tasks, without necessarily 
complementing the existing central banking tasks. If a conflict of interest arises between existing 
and new tasks, there should be suffi cient mitigation measures in place to adequately address that 
conflict. Complementarity between the new task and existing central banking tasks should not, 
however, be interpreted broadly, as this could lead to the creation of an indefinite chain of ancill ary 
tasks. The assessment of the complementarity of a new task should also take into account the financing of that task.  
Second, it should be assessed whether, without new financial resources, the performance of the 
new task places a disproportionate burden on the financial or organisational capacity of the NCB 
concerned, and may negatively impact its capacity to properly perform existing central banking 
tasks.  
Third, it should be assessed whether the performance of the new task is aligned with the 
institut ional set -up of the NCB, in particular as regards central bank independence and 
accountability considerations.  
Fourth, it should be assessed whether the performance of the new task entails substantial financial 
risks.  
Fifth, it should be assessed whether t he performance of the new task expose the members of the 
NCB’s decision- making bodies to political risks which are disproportionate and may also impact on 
their personal independence and, in particular, the guarantee of the term of office under Article 14.2 of the Statute of the ESCB.  
Any final assessment on the qualification of a task given to an NCB as either falling within the scope of central banking tasks or government tasks should be guided by the objective of ensuring 
that the prohibition of monetary  financing within the Eurosystem and the ESCB is consistently 
applied, to the extent that it applies to its members.  
3.2.5  In the light of the above guidance the following paragraphs  assess whether Banka Slovenije’s new 
tasks are in line with the monetary financing prohibition.  
ECB -PUBLIC  
7 3.2.5.1  Principle of financial independence  
 The principle of financial independence requires NCBs to have sufficient means to carry out not 
only their ESCB -related tasks but also their national tasks12. In this respect , it is noted that Bank a 
Slovenije shall prescribe a fee in the implementing legislation to members of the information 
exchange system for membership and access to the data. It shall also prescribe a fee to business 
entities regarding their right to be informed.  
3.2.5.2  Links to tasks listed in Article 127(2) and (5) of the Treaty  
 With regard to the credit register, it is noted that granular credit data based on central credit 
registers are necessary for the development and production of new ESCB statistics, as well as for increasing t he quality of ESCB statistics. These new or improved statistics to be produced in the 
long term are necessary for the performance of Eurosystem tasks including monetary policy analysis and monetary policy operations, risk management, financial stability surveillance and research, as well as the Eurosystem’s contribution to the smooth conduct of policies pursued by 
the competent authorities relating to the prudential supervision of credit institutions and the stability 
of the financial system
13. These data wi ll also be useful for banking supervision purposes in the 
context of the Single Supervisory Mechanism14. In addition, as regards the information exchange 
system, it is noted that NCBs should be able to use the multi -purpose shared analytical granular 
credit  data set to establish feedback loops with reporting agents or to enrich existing feedback 
loops and other information services from central credit registers to reporting agents. These 
feedback loops will enhance the ESCB ’s contribution to the stability of  the financial system in line 
with its statutory mandate according to Article 127(5) of the Treaty15.  
 The set -up and management of the credit register , including the information exchange system,  are 
thus considered as task s related to those referred to in the first indent of Article 127(2)  and 
Article  127(5)  of the Treaty . The new tasks are also complementary to Banka Slovenije’s  existing 
macro - and micro- prudential supervisory  tasks.   
3.2.5.3  Atypical  tasks 
 Central banks have always had a strong interest in ensuring higher statistical data quality for 
analy tical purpos es. A number of Member States have established central credit registers and 
conferred the tasks involved in operating them  upon NCBs16. Moreover, in the long run all 
Eurosystem NCBs are required to o perate national granular credit datasets under Decision 
ECB/2014/6 and Regulation (EU) 2016/867 (ECB/2016/13)17. The ECB’s powers in relation to the 
collection of statistical information are set out in Article 5 of the Statute of the ESCB , and Article 4 
of Council Regulation (EC) No 2533/98 requires all Member States to organise themselves in the 
field of statistics and fully cooperate with the ESCB in order to ensure the fulfilment of obligations 
                                                 
12  See the ECB’s 2016  Convergence Report, p. 25.  
13  See recital 3 of Decision ECB/2014/6 of 24 February 2014 on the organisation of preparatory measures for the 
collection of granular credit data by the European System of Central Banks  (OJ L 104 , 8.4.2014, p. 72) .  
14  See recital 1 of Regulation (EU) 2016/867 (ECB/2016/13) . 
15  See recital 18 of Re gulation (EU) 2016/867 (ECB/2016/13) . 
16 See, for example,  Opinions  CON/2015/20, CON/2014/57 and CON/2013/93.  
17  Regulation (EU) 2016/867 (ECB/2016/13)  shall apply from 31 December 2017.  
ECB -PUBLIC  
8 arising out of Article 5 of the Statute of the ESCB . The exte nsion of Banka Slovenije’s powers in 
the field of statistics is  therefore not regarded as atypical of a central bank.  
3.2.5.4  Discharge of tasks on behalf of and in the exclusive interest of the Government or of other public 
entities  
 Banka Slovenije is designated by the draft law as the sole operator of the credit register. Banka 
Slovenije shall exchange information with the members of the information exchange system in 
order to better manage credit risks. There is no indication that, in carrying out its tasks, Banka 
Slovenije would act exclusively in the interest of another public entity.  
3.2.5.5  Extent  to which the performance of tasks is aligned with Banka Slovenije’s institutional set -up, in 
particular as regards accountability considerations  
 Given the complementarit y with Banka Slovenije’s existing tasks, the  new task s appear to fit  into 
Banka Slovenije’s  current institutional set -up. In this respect,  it is noted that the draft law stipulates 
that it does not interfere with the competence of Banka Slovenije regarding the collection and 
processing of data for supervisory purposes in accordance with the Law on b anking.   
3.2.5.6  Extent  to which the performance of tasks is proportionate to Banka Slovenije’s financial and 
operational capacity and its ability to perform its ESCB -related tasks  
 The ECB understands that Banka Slovenije has already t aken the necessary measures to ensure 
that sufficient resources are available for the performance of the extended collection of statistical 
data.  In addition, it is noted that certain costs  related to Banka Slovenije’s new tasks will be 
covered by the fees levied on the members of the information exchange system and business 
entities pursuant to the implementing legislation.  
3.2.5.7  Extent  to which the performance of tasks entails substantial financ ial risks  
 The draft law does not contain any specific provisions on liability for the operation of the credit register.  Banka Slovenije’s potential liability for the performance of the new tasks given to it under 
the draft law will be thus subject to the rules on liability for damage caused in the exercise of public 
authority
18. 
3.2.5.8  Conclusion  
 The ECB considers that Banka Slovenije’s new tasks relating to the credit register and the 
information exchange system qualify as central banking tasks  for the purposes of assessing their 
compliance with the monetary financing prohibition , in the sense that they expand Banka 
Slovenije’s statistical tasks and are linked to and complement Banka Slovenije’s  existing monetary  
 
 
 
 
 
                                                 
18  Article 26 of the Slovenian Constitution in conjunction with the Code of Obligations (Obligacijski zakonik) (OZ) (Ur. l. 
RS No 97/07 –  official consolidated text).  
ECB -PUBLIC  
9 policy, micro - and macro- prudential supervis ory as well as  financial stability tasks.  
 
This opinion will be published on the ECB’s website.  
 
 
Done at Frankfurt am Main, 31 August 2016.  
 
[signed]  
 
The President of the ECB  
Mario DRAGHI