Central Credit Register Regulations Published

The Central Bank of Ireland has published regulations governing the operation of the new Central Credit Register (the Register). These regulations set out the legal obligations on lenders to supply information to the Register and use the Register when considering loan applications.

The Register is a national mandatory database of credit intelligence that will be maintained and operated by the Central Bank, in accordance with the provisions of the Credit Reporting Act 2013.

The collection of loan data from lenders will be implemented on a phased basis, with Phase 1 focusing on data collection for consumer lending and Phase 2 focusing on lending to businesses.

Data submissions by lenders for Phase 1 will commence from 30 June 2017 with all lenders required to submit data by 31 December 2017. The Central Bank will shortly notify lenders of their obligations under the regulations and provide access to technical and guidance manuals to support implementation.

It is expected that the Register will produce credit reports for individual lenders after 31 December 2017, subject to data quality assurance.  A credit report will show a profile of a borrower’s credit accounts across all lenders, including repayment history, number of  payments past due , and a record of enquiries made by lenders.  Borrowers will be able to request their own credit report free of charge from the Central Bank, once every year.

Director of Resolution and Corporate Affairs, John Coyle said: “The Central Bank is publishing these regulations today following consultation with the Data Protection Commissioner and the Department of Finance and a public consultation in 2015.

“The development of the Central Credit Register is an important financial sector reform, contributing to financial stability and consumer protection. The Register will match the personal and credit information received from lenders to create a complete credit report, containing all the loans relating to an individual borrower, facilitating enhanced creditworthiness assessments and responsible lending. The establishment of the Register will also support Central Bank functions such as prudential supervision and statistical analysis and will provide the Central Bank with better insights into financial markets.”

Under the Data Protection Acts, the Central Bank will act as data controller and will ensure strict security and data protection protocols are in place to safeguard borrowers’ information submitted by lenders to the Register. 

The Central Bank will also implement an awareness campaign to provide information on the Register to the public.  In advance of commencing operation of the Register, lenders will also be required to put appropriate customer communications in place.