Professor Philip Lane:

It is in a start-up phase at the moment. We have an Italian firm which runs the infrastructure for credit registers around the world and has the technology to do this. We are currently in important consultations with the Data Protection Commissioner because there are a lot of issues to do with privacy, how to handle data and so on. It will be a phased implementation starting with the main banks but, over time, including anyone making loans above the threshold of €500. There is a lot of engagement in the process because the banks and the other firms must have the technology systems to track these data and hand the data over.

I agree that it is a bit below the radar at the moment but I think one of the big projects for the Central Bank is to communicate about this as we go live later this year. This is a big change to the way the financial system runs. There is a clear reason for it; many countries have this kind of system. For the banks, the customers and the other financial firms involved, it is a significant change to the how the system will work.