11 February 2016
Click to view the Feedback Statement on all submissions
The Central Bank has published the Feedback Statement and all submissions received to Consultation Paper 93 ‘Central Credit Register’. The consultation was sought in advance of the development of new regulations associated with the introduction of the Central Credit Register (CCR) as provided for in the Credit Reporting Act 2013.
The development of the CCR is an important financial sector reform contributing to financial stability and consumer protection. When fully implemented, it will introduce credit reporting obligations which will apply to over 500 lenders, including banks, credit unions, asset finance houses, local authorities and money lenders. Loans of €500 or more must be reported to the CCR and lenders must check the CCR when considering credit applications for €2,000 or more.
The Central Bank has set out in the Feedback Statement how it will proceed:
- The CCR will be implemented in phases, with the initial phase focusing on the collection of consumer credit information from lenders.
- From 30 September 2016 onwards, the first set of lenders including banks, credit unions and finance houses, will begin submitting data to the CCR.
- By 31 March 2017, the lenders in scope will have reported existing and new credit agreements back-dated to 30 September 2016.
- Enquiries by lenders against the CCR data are planned to commence from 31 March 2017, when data quality has been assured.
- It is anticipated that borrowers will also be able to request copies of their own credit reports from March 2017.
- Lenders will be expected to enquire on the CCR before advancing credit from end-December 2017.
A second implementation phase will focus on business credit information and is scheduled to become operational in late 2017. This phase will also include consumer credit agreements advanced by money lenders and local authorities.
The quality of data submitted, and the impact this could have on the accuracy of reports, will be taken into account when deciding whether the CCR is ready for data enquiry. The Central Bank reserves the right to review the timelines set out above if the quality of data submitted by lenders does not meet the required standard.
The Central Bank is drafting regulations to give legal effect to the requirements of the Act. The Central Bank will consult with the Data Protection Commissioner and seek the consent of the Minister for Finance before publishing these regulations.
The Central Bank is also undertaking a Privacy Impact Assessment which will help inform decisions in respect of the nature and extent of personal data to be collected.