Michael McGrath (Cork South Central, Fianna Fail)
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302. 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. [21434/15]

Michael Noonan (Limerick City, Fine Gael)
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I have been informed by the Central Bank (Bank) that it is taking a phased approach to the implementation of the Central Credit Register (CCR). The initial phase of the CCR will focus on lending to individuals and is expected to become operational by mid-2016. A later phase will address lending to incorporated entities and is tentatively scheduled to be operational by end-2017. 

Following a public procurement process, the Bank has entered into a contract with CRIF Ireland Limited to build and operate the CCR on its behalf. Following on from this, the Bank has now commenced the design of the CCR solution and processes in conjunction with CRIF Ireland Ltd. 

The Bank continues to engage with representative industry groups to explain its approach and it also published a public consultation paper in April 2015 on detailed aspects of the CCR - details on this are attached  

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It is anticipated that the remainder of 2015 will be spent in developing and testing the technical solution with relevant stakeholders.  However, the operational implementation of the credit register is a complex process and must take account of the scale of technical and operational changes to be implemented by over 500 lenders within the scope of the CCR and the final detailed obligations will also have to be set out in regulations as provided for in Credit Reporting Act.