Dáil Éireann Debate, Thursday - 26 May 2016
68. Deputy Michael McGrath asked the Minister for Finance when the central credit register will be fully operational; the steps he has taken to implement it; the costs incurred; the reason for the delay; and if he will make a statement on the matter. [12280/16]
View answerI am informed by the Central Bank that it continues to make progress on a CCR implementation project since the enactment of the Credit Reporting Act in December 2013. The operational implementation of the CCR is a complex process and the final timeline will be influenced by the scale of the technical and operational changes to be implemented by over 500 lenders.
In the last 12 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, which has been shared with the Data Protection Commissioner, to ensure the appropriate controls are in place to safeguard personal data across the end to end processes;
- Prepared draft CCR regulations (which were approved by the Commission of the Central Bank of Ireland on 25 February 2016) as a basis for formal consultation with the Data Protection Commissioner and
- Undertaken consultation with the DPC, which is on-going. The Central Bank has indicated that, pending the outcome of this consultation, the exact timing of the making of final Regulations is uncertain at this point.
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 6 months after the finalisation of Regulations but the final deadline will be influenced by the scale of the technical and operational changes to be implemented by lenders.
Enquiries by lenders against the CCR data are expected to commence in 2017 once data quality has been assured.
By end-2017 the CCR data collection may be extended to business loans, moneylenders and local authorities, again subject to finalisation of the necessary regulations.
Since the commencement of the project in 2013, costs incurred to end April 2016 totalled €1,752,000, which will be recovered from CCR customers in due course.
