Written answers

Friday, 16 December 2016

Department of Finance

Credit Register Establishment

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
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128. To ask the Minister for Finance when the central credit register will be fully operational; the steps that have been taken to date in its implementation; the reason for the delay in bringing it forward; and if he will make a statement on the matter. [40658/16]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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As previously indicated, the Central Credit Register (CCR) is being implemented on a phased basis with phase 1 focusing on lending to consumers and phase 2 focusing on lending to businesses.  Data submission by lenders for phase 1 will commence after 30 June 2017.  During the intervening period, technical and operational changes will be implemented by lenders and data quality assurance testing will be carried out.  Approximately 500 lenders will be registered with the CCR during this time in order to commence data submission from 30 June 2017.  A period of time between 30 June 2017 and 31 December 2017 will then be provided to ensure that the data submitted to the CCR is of sufficient quality to allow the CCR match personal and credit information and to be able, subject to data quality assurance, to produce credit reports after 31 December 2017.  The submission of data under phase 2 is currently projected to commence in the second half of 2018.  The primary focus of Central Bank activity on the CCR at this point is to engage with lenders to ensure they can submit data within the required timelines.

Since the enactment of the Credit Reporting Act 2013, the Central Bank has carried out substantial work to develop a robust CCR where the Bank has:

- undertaken a procurement process to select a partner and solutions to support the CCR;

- continuously engaged with representative industry groups to explain its approach and gain an understanding of the likely implications of the CCR for lenders;

- designed the CCR solution and processes in conjunction with CRIF Ireland Ltd;

- published a public consultation paper and Feedback Statement;

- completed a Privacy Impact Assessment;

- following consultation with the Data Protection Commissioner and with my consent, made necessary regulations under the Credit Reporting Act 2013;

- published guidance documents and technical manuals explaining the obligations on lenders.

- The focus of activity now is to engage with lenders to ensure they can submit data within the required timelines.

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