Michael McGrath (Cork South Central, Fianna Fail)
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101. 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; if personal contract plans and hire purchase agreements will be included on the register; and if he will make a statement on the matter. [53760/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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The Central Bank has advised me that 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 moneylenders, local authorities and business lending. The period for data submission by lenders for phase 1 runs from 30 June 2017 to 31 December 2017.  During this period, technical and operational changes will be implemented by lenders and data quality assurance testing will be carried out. This is to ensure that the data submitted to the CCR is of sufficient quality to allow the CCR match personal and credit information, and subject to data quality assurance, to produce credit reports in early 2018.

The period for data submission by phase 2 lenders will run from 30 March 2018 to 30 September 2018. During this phase local authorities, moneylenders and business loans will submit data to the CCR.

In respect of phase 1, the Central Bank has advised me that the majority of lenders are progressing well in terms of their obligations to report information to the CCR.

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.

In early 2017 the Central Bank became aware of an issue with the Credit Reporting Act 2013 regarding the wording used to exclude trade credit from being reported to the CCR which unintentionally also excluded hire-purchase and similar type loans where the lender remains the owner of the goods financed. Therefore, as things stand information on hire purchase agreements and similar type loans cannot be collected at this time.  However, my Department is currently considering ways to address this lacuna, and it is hoped that it will be in a position to bring forward a legislative proposal to deal with the issue early in the new year.