I propose to take Questions Nos. 69 and 70 together.
The Central Credit Register (CCR) was established by the Central Bank of Ireland (the Bank) under the Credit Reporting Act 2013. Following a public procurement process, the Bank signed a contract with CRIF Ireland Ltd, 1st floor, Adelphi Plaza, Georges Street Upper, Dun Laoghaire, Co Dublin (a wholly owned subsidiary of CRIF S.p.A) to build and operate the CCR in February 2015. The Bank has advised me that no operational difficulties have been experienced to date and that CCR systems are operating as expected.
In relation to CCR reporting, the Bank advises that in respect of "standard frequency loans" (i.e. where the payment frequency is daily, weekly, fortnightly four weekly or monthly) information will be reported to include the application of a "grace period" of one month. The grace period acts as a practical buffer so as to avoid the reporting of technical arrears by a CIP over which a Credit Information Subject (CIS) may have little control. In relation to less frequent loan payments (e.g. quarterly, annually etc.) there is time for a CIP to check that everything is in order prior to the payment falling due and consequently no "grace period" is applied to these loan types.