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Financial Irregularities

Dáil Éireann Debate, Thursday - 9 September 2021

Thursday, 9 September 2021

Questions (196)

Brendan Griffin

Question:

196. Deputy Brendan Griffin asked the Minister for Finance if the Central Bank will investigate the widespread credit reporting errors in 2019 and 2020 by a bank (details supplied); and if he will make a statement on the matter. [42258/21]

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Written answers (Question to Finance)

Officials in my Department referred the Deputy's question to the Central Bank of Ireland and received the following response in this regard:

“Under S. 33AK of the Central Bank Act 1942 (as amended) the Bank is prohibited from disclosing regulatory information in respect of individual firms.

“However, on a broader note the Central Credit Register is established by the Central Bank of Ireland under the Credit Reporting Act 2013 (as amended) (‘the Act’).  In order to produce full and accurate credit reports, the Bank expects that all Credit Information Providers who are within the scope of the Act submit information that is accurate, complete and up to date.  This is an obligation under the Act.  Lenders also have broader obligations under data protection law in respect of the treatment of personal information. 

“Credit Information Providers may from time to time find that information which was not accurate, complete or up to date was reported to the Central Credit Register in error. If this happens, the Bank requires that we are notified of the error and a procedure is in place for such reporting.  The Bank further expects that such errors are corrected.

“Credit Information Providers, as data controllers, may also be required to report the matter to the Data Protection Commission and they may be obliged to inform the data subjects directly.

“Any action taken subsequently by the Data Protection Commission is a matter for the Data Protection Commission.”

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