Marian Harkin (Sligo-Leitrim, Independent)
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158. To ask the Minister for Finance for an update on the implementation of the November 2022 retail banking review; and when recommendation 11.2, reducing the reporting threshold and the fee for accessing the Central Credit Register for lower value loans, will be implemented [30567/24]

Jack Chambers (Dublin West, Fianna Fail)
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The Central Credit Register (CCR) is established by the Central Bank of Ireland under the Credit Reporting Act 2013 (the Act). The Act provides a threshold of reporting to the CCR of €500. It also provides that Credit Information Providers (CIPs) must enquire on the CCR when considering a credit application for €2,000 or greater and may enquire when considering credit applications for a lower value.

The CCR has been established on the general basis that all costs associated with its establishment and operation will be recouped over time. The Credit Reporting Act 2013 (Section 26) (Fees) (Amendment) Regulations 2018 provides for a fee of €5.00 per enquiry. However, a fee of €3.50 per enquiry has been in place for lenders since 1 July 2019 and, following a review, the Central Bank has further reduced the fee to €3.00 per enquiry with effect from 1 January 2024.

The Retail Banking Review set out a wide range of recommendations to improve the sector and customers' experiences. Each recommendation identified the body or bodies responsible for delivery of that recommendation and, where appropriate, contain timelines for delivery of the recommendations.

The implementation of the recommendations that are directed at the Banking Division in my Department were embedded in the annual business plan. My Department will, therefore, continue to liaise with the Central Bank on the on-going management and operation of the CCR, including its fee structure and reporting thresholds.

The Central Bank has committed to keeping the fee structure under review after a period of operation and, in light of actual usage or other relevant developments or enhancements to the CCR. However the Central Bank has also indicated that it is worth noting that there is no difference in the information provided to a CIP having regard to the credit product type or loan application sought, as a comprehensive credit report is provided on each occasion.