Written answers

Tuesday, 21 June 2016

Department of Finance

Credit Register Establishment

Photo of Pearse DohertyPearse Doherty (Donegal, Sinn Fein)
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136. To ask the Minister for Finance when the central credit register will come into operation and will operate it; and if he will make a statement on the matter. [16938/16]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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The Central Credit Register (CCR) is a national mandatory database of credit and related data established, maintained and operated by the Central Bank, in accordance with the provisions of the Credit Reporting Act 2013 ('the Act').

The Central Bank continues to make progress on the implementation of the CCR since the enactment of the legislation in December 2013.  In the last twelve months the Central Bank has:

- Completed a design stage to specify the detailed data requirements and technical CCR solution;

- Published feedback on 11 February 2016 to a Public Consultation Paper which sought views on keys issues relating to the CCR;

- Carried out a privacy impact assessment (PIA) to ensure the appropriate controls are in place to safeguard personal data across the end to end processes.  This PIA has been shared with the Data Protection Commissioner.

- Prepared draft CCR regulations which were approved by the Commission of the Central Bank of Ireland on 25 February 2016.

As required by the Act, the Central Bank is currently consulting with the Data Protection Commissioner on the draft regulations which will specify the precise data to be collected and published by the CCR. Pending the outcome of this consultation, the exact timing of the making of the final regulations remains to be finalised.

I am informed by the Central Bank that following the making of the regulations the take on of data will be implemented on a phased basis, with Phase 1 focusing on lending to consumers and Phase 2 focusing on lending to businesses.  It is expected that data submissions by lenders will commence six months after the finalisation of regulations but the final deadline for data submission will be influenced by the scale of the technical and operational changes to be implemented by over 500 lenders. Enquiries by lenders against CCR data are expected to commence around twelve months after the finalisation of regulations and once data quality has been assured.

The Central Bank will own the CCR data and it will act as data controller under the Data Protection Acts. Following a public procurement process in 2014, the Central Bank appointed CRIF Ireland Limited as its agent to build and operate the CCR on its behalf. The Bank and CRIF continue to work closely together on the project implementation and on-going operations of the CCR.

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