Dara Calleary (Mayo, Fianna Fail)
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304. To ask the Minister for Finance when the central credit register will be established; and if he will make a statement on the matter. [41435/14]

Michael Noonan (Limerick City, Fine Gael)
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The Credit Reporting Act 2013 provides that the Central Bank is responsible for the establishment and operation of the central credit register. The Central Bank informs me that it intends to take a phased approach to the establishment and development of the register. The initial phase of the central credit register will focus on the consumer credit market and is expected to become operational by mid-2016.

The operational implementation of the credit register is a complex process and the final timeline will be influenced by

1.the outcome of a public procurement process currently underway  to source services and solutions;

2.the scale of technical and operational changes to be implemented by lenders; and

3.the final detailed obligations to be set out in regulations.

It is anticipated that 2015 will be spent in developing and testing the technical solutions in partnership with relevant stakeholders, with data being supplied on a phased basis during the course of late 2015 and into 2016.