Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

17. To ask the Minister for Finance when the central credit register will be fully operational; the steps that have been taken thus far in its implementation; the reason for the delay in bringing it forward; and if he will make a statement on the matter. [44628/14]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

The Credit Reporting Act 2013 provides that the Central Bank of Ireland is responsible for the establishment and operation of the central credit register (CCR).

I have been informed by the Central Bank that it intends to take a phased approach to the establishment and development of the register. The initial phase of the CCR will focus on the consumer credit market and is expected to become operational by mid-2016. A later phase will address commercial credit and is tentatively scheduled to be operational by end 2017.

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 over 500 lenders within the scope of the CCR; and

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

In 2014, the Central Bank commenced a public procurement process to select a partner and solutions to support the CCR. It has also engaged with representative industry groups to explain its approach and gain an understanding of the likely implications of the CCR for lenders. It is anticipated that 2015 will be spent in developing and testing the technical solutions in partnership with relevant stakeholders with credit data being supplied by lenders on a phased basis during the course of late 2015 and into 2016.