Data locking
Making it impossible, permanently or for a specific period, to transmit, learn, disclose, transform, change, destroy, delete, link, coordinate or use certain data.
Interbank Debtor and Credit Information System (IDCIS)
As the central information system containing records on debtors, the Interbank Debtor and Credit Information System was the legal predecessor of the CCIS between 1995 and 2006.
Credit Reference
Credit Reference (CR) is a new positive credit information sharing service in Hungary, which registers the data and credit agreements of individuals. Banks appreciate reliable borrowers, and are cautious of those with unknown credit histories. Primarily, the service has been designed for the verification of borrowers’ good credit histories and reliability, and as such, the Credit Reference database does not contain any negative data on either borrowers or their loans.
Securities lending
Transfer of title to securities, as part of which the lender transfers securities to the borrower subject to the commitment that the borrower will return, to the lender or a third party designated by the lender, the same number and series of securities on a future date specified either in the agreement or by the lender.
Lending
Commitment, to the debtor and for a fee, of a facility determined pursuant to a written credit agreement between the creditor and the debtor, and a commitment by the credit institution to enter into the credit agreement or perform other credit operations if certain contractual terms are met.
Loan and loan-type services
Such services include commercial engagement in the following activities:
a) granting of credits or money loans;
b) financial leasing;
c) issuance of electronic money or non-cash payment instruments and the provision of related services;
d) suretyship, bank guarantees and other banking liabilities;
e) granting of investment loans to investors;
f) securities lending.
Credit information service
As part of credit information service, banking information is provided for a fee without violating banking secrets, or data is processed by the financial enterprise managing the CCIS.
Issuance of non-cash payment instruments
Making non-cash payment instruments available to the customer pursuant to an agreement.
Non-cash payment instrument
a) cheques;
b) electronic money instruments;
c) any means allowing the customer to dispose of a financial claim against the financial institution, or withdraw money or settle the consideration of goods or services with the seller or service provider against such claim.
Electronic money instrument
Non-cash payment instruments – in particular, stored-value cards and computer memories – for the storage of electronic money, which the customer may use directly for payments.
Electronic money
Monetary value stored on an electronic money instrument issued against receipt of cash or payment of account money, which is also accepted for the purpose of electronic payments by parties other than the issuer.
Commercial loan
Relations involving the delivery of goods or the provision of services established between businesses and individuals subject to deferred or advance payment.
Central Credit Information System (CCIS)
The Central Credit Information System is the IT system that implements the exchange of credit information among Reference Data Providers according to the rules specified in the Credit Institutions Act and the Capital Markets Act.
CCIS – Early Warning
The CCIS – Early Warning credit information service provides reliable information on changes in the repayment capacity of any number of different SME-s and businesses. By using the service, financial institutions can gain fast access, from authentic sources, to the information that allows them to forecast the financial difficulties of SME-s and businesses.
Entities on record
Any and all natural persons or businesses whose data are processed by the financial enterprise managing the Central Credit Information System.
Granting of money loans
a) making available an amount of money under a credit or loan agreement between the creditor and the debtor, whether or not in return for interest payments, which the debtor is required to repay on the date specified in the agreement;
b) acquisition of a claim, with or without assuming the exposure of the debtor, discounting and provision of an advance on such claim (including factoring and forfeiture), without regard to the party recording the maturity of the claim and collecting the amounts due;
c) any agreement containing a provision relating to the purchase of securities and their return within a time limit, where the securities subject to the agreement are used as a deposit against the consideration for the benefit of the buyer (creditor) so that during the term of the transaction they may not be either disposed of or encumbered in any other transaction;
d) activity involving the acquisition and simultaneous sale of an independent lien as specified in the act on mortgage loan companies and mortgage bonds;
e) Pawnbrokering.
Financial leasing
The activity in the course of which the lessor acquires title to real estate or a movable, or a property right, pursuant to the order of the lessee, in order to provide such asset for use by the lessee, so that the asset is recognised in the books of the lessee. When the asset is provided for use, the lessee
a) assumes the risk arising from the transfer of risk;
b) becomes eligible to collect rewards;
c) becomes liable for all direct costs (including maintenance and amortisation costs);
d) (or a person designated by it) becomes eligible for the acquisition of title to the asset upon full payment of the principal of the leasing fee as well as accrued interest and the residual value specified in the agreement. If the lessee does not exercise this right, the leased asset is returned to the possession and books of the lessor. The agreement between the parties specifies the principal of the leasing fee, which is equal to the contract price of the leased asset or property right, as well as interest and the schedule of repayment.
Leasing arrangements between parent companies and subsidiaries do not qualify as financial leasing, excluding transactions by financial institutions.
Reference data
Any and all data, including personal identification data of the entities on record, which the financial enterprise managing the Central Credit Information System is authorised to process under the Credit Institutions Act.
Reference Data Provider
Financial institutions and payment institutions engaged in at least one of the activities specified in sections 3(1)(b)–(c) and (e)–(f) of the Credit Institutions Act, the Student Loan Centre, legal persons engaged exclusively in offering guarantees and absolute guarantees, credit institutions and investment companies engaged in the activity specified in section 5(2)(c) of the Investment Companies Act, as well as credit institutions, investment companies, investment funds, investment fund managers, clearing houses, voluntary mutual insurance funds, private pension funds, financial institutions, central depositories and insurance companies engaged in securities lending under the Capital Markets Act. Reference Data Providers also include creditors engaged in commercial lending as well as creditors in EU Member States other than Hungary which provide cross-border services and have subscribed for the CCIS.
Queue
Owing to insufficient funds, deferred settlement (suspension) of legitimate orders received for a current account or other account held with a credit institution and placement of the same in a queue for the purpose of future settlement, in accordance with the rules of payment in place. The concept does not include procedures as part of which the account holder, of their own accord and in compliance with the bank account agreement, instructs the bank to queue the orders received for the purpose of scheduled payments.
Account with insufficient funds
A bank account against which pending (queued) orders are registered by the credit institution due to insufficient funds.
Business
Business entities, SME-s, European companies, cooperatives, building societies and sole traders, excluding Reference Data Providers. Reference Data Providers qualify as businesses in cases where they are engaged in commercial lending.