Dear Readers,

In the life of BISZ Zrt., 2009 was an eventful and successful year of achieving strategic objectives.  The Core System of the CCIS7, constituting the technical platform of the core CCIS service, was remodelled. The Core System using the new software and hardware components went live following successful migration on 22 June 2009. In addition to providing a more modern and reliable IT background, this enabled us to make system usage faster and more secure for users.
By implementing the new Core System, we took the greatest step towards the efficient exploitation of synergies as defined by GIRO and BISZ. As of the above date, the operation of our IT infrastructure was outsourced to our parent company, enabling us to achieve the optimum cost efficiency resulting from joint operations.  Naturally, our organisational structure and operational processes were also adjusted to the changes in operations.

However, the greatest novelty of the year was the implementation of the long-planned voluntary consumer credit information system containing positive (performing credit agreement) records. As expected, the Credit information (CR) service attracted great interest, and most (159) of the banks and financial service providers in Hungary engaged in consumer lending subscribed as the system was launched. Obviously, the supply of data content and the integration of system access into banks’ lending processes will require some more time, yet, within a few years, the service will play a prominent role in consumer lending alongside with the CCIS.

The financial and economic crisis had a severe impact on our business activity. Credit information service, our Company’s core activity, was designed to support lending in the financial sector, therefore the decline in lending directly affected the number of queries that constitute our main source of income. For the first time in years, there was a decrease in query numbers in the consumer  subsystem, amounting to nearly 30%. The number of business queries also decreased, but at a considerably slower rate (9%). In the corporate subsystem containing full (performing and non-performing credit agreement) records, there is a clear tendency showing an increase in the ratio of regular monitoring queries submitted with a view to proactive risk management.

Similarly to previous years, in 2009 we continued the reduction in the storage fees of the corporate subsystem. Our performance fell 10% short of the target in terms of turnover, yet, owing to strict cost management involving almost all cost types, our profit before tax was 5% higher than planned.

Last October, our Company was re-certified for ISO/IEC 27001:2005 and ISO: 9001:2008, which is a guarantee for our partners that our Company remains committed to providing high-quality services.
As a major recognition of our work by the Association of Consumer Credit Information Suppliers (ACCIS), its annual general meeting and the international conference following it were held in Budapest. The conference focussed on future directions in the development of European credit bureaus and the EU regulations concerning their activity.

Budapest, March 2010

Dr. Róbert Nagy
President and CEO

Dear Readers,

For BISZ Zrt., 2009 was a highly challenging and successful year that had a significant impact on the life of the Company.  
We accomplished key tasks in both service development and internal operations. By the end of 2009, the strategy previously formulated by the Group had practically been fulfilled, and possible synergies between GIRO Zrt. and BISZ Zrt. had been fully exploited .

With a successfully implemented IT development project (CCIS remodelling) and the launch of a new service (Credit Reference) under its belt, the Company remained subject to the basic requirements of legal compliance and the provision of its core service in a safe and efficient manner.

During the year, the operations of the Company were continuously monitored and, through the internal auditor, controlled by the Supervisory Board. Its report concluded that in 2009, the processes of the Company were run in compliance with the strategy of the Group and the resolutions of the Board of Directors. The level of security and competence at BISZ Zrt. as well as the quality of the security systems in place and related regulations were found to be adequate. During the year, the Supervisory Board did not establish any irregularities concerning BISZ Zrt.’s business operations and is of the position that the Company’s books provide a true and fair view of the Company’s assets and liabilities, financial position and profits. The level of regulation at the Company is adequate and its finances are sound.

The Supervisory Board expresses its recognition to BISZ Zrt.’s management and all of its employees for the results achieved, and wishes to thank them for the constructive cooperation with which they helped the work of the Board.

The Supervisory Board remains committed to its own contributions to the successful operations of the company.

Budapest, March 2010

Eleonóra Svábné Mészáros
Chair of the Supervisory Board