1. The CBI shall make regulations with the consent of the Minister for Finance with regard to the timing, detail, format, frequency and transmission of credit information which credit information providers are required to submit to the CCR operator. Any requirements set out in regulations:
a. shall be consistent with the achievement of the objectives set out in Head [8], and
b. may be introduced on a phased basis either by product or institution type, or by individual reporting requirement.
2. Without prejudice to the generality of subhead [1], the regulations may prescribe different frequency, or different methods of reporting for different credit information providers or different classes of credit information providers, according to
a. the nature, scale and complexity of the business of each such credit institution or class, and the level of risk associated with each such credit institution or class,
b. the capacity of each such credit institution or class to make the proposed contribution.
and may require the Credit Information Providers to provide, at specified times or on specified occasions, information regarding:
a. Credit information subject [identification details]
b. Type of Credit Product (Mortgage, Personal Loan, etc.), c. Details on collateral attached to the credit
d. Type of exposure (financial, leasing, commercial, guarantee), e. Size of exposure and currency,
f. Term of loan (origination date, initial term of loan, current term of loan if restructured),
g. Repayment conditions (frequency and amount of repayment), h. Details concerning the interest rate attached to the credit product, i. Restructuring arrangements, if any, [date, of reschedule, type of
reschedule, payments being made, etc]
j. Performance status (performing, arrears, default
k. the employment status [and] sector of the credit information subject 3. All credit information providers shall comply with regulations made under this
section and shall make all reports required under those regulations on the occasions or times required.
Explanatory Note
Subhead 1 gives the power to the CBI with the consent of the Minister to introduce the Credit Register in a manner which would fulfil the objectives set out in the Interagency Group report and would enable the CBI to do this on a phased basis. This gives effect to the recommendation within the Interagency Report that a pragmatic implementation approach be adopted. The initial focus of the register will be on standard products and the most significant financial institutions serving the majority of consumers and firms. The CBI will be in a position following consultation with industry and potential operator to prioritise the introduction on this basis.
Subhead 2 is a pragmatic measure intended to provide for the participation within the credit reporting system of smaller credit information providers that may lack the financial and technical capacity to comply with the standard requirements of the CCR operator. By allowing reporting requirements to vary according to the size, technical and financial sophistication of the credit information provider, the CCR would capture the maximum possible level of credit data. The alternative, to impose standardised reporting
requirements on all credit providers according to the highest possible standards, would likely see consumers of smaller credit providers retain a “thin” credit file, or in some cases no credit file, which could affect their ability to access credit at mainstream rates. Subhead 2 also sets out the types of information which credit information providers may be required to provide. The credit information subject identification fields are set out in Head [11]
Subhead 3 ensures that credit information providers meet the standards of data reporting set out by the CBI.
Head 20 – Mandatory Reporting to the CCR
1. Credit information providers shall report all credit applications and credit agreements equal to or in excess of [€500 or such higher amount as the Minister may prescribe by regulations following consultation with the CBI] and shall not report any credit applications below that amount
2. Credit information providers shall report on the ongoing performance status of credit agreements and on any rescheduling of credit agreements, any arrears accumulation, any default events and all relevant credit events in accordance with regulations made under this Act and the requirements set out in Heads [10], [11] & [19].
3. Credit information providers shall report relevant data on completed credit applications in accordance with regulations made under this Act and the requirements set out in Heads [10], [11] & [19].
4. Credit information providers shall report debt judgements against a credit information subject obtained by a provider concerned.
5. Credit information providers shall report a conviction of fraud by a credit information subject or any bankruptcy of the credit information subject of which they are aware and can verify.
6. Credit quotations shall not be reported to the CCR.
7. In the event that the credit information provider that originates the credit a. disposes of the credit to another party; or
b. enters into an agreement with another party to manage the servicing, administration or regulatory matters pertaining to the credit
the obligation to report the relevant credit event remains with the person or entity that originated the credit, unless the CCR has been notified and is satisfied that the obligation to report any relevant event has been transferred to another party, and that other party can meet its obligations under this Act.
8. A credit information provider that makes a request to the CCR operator to transfer the obligation to report any relevant credit event shall:
a. do so in writing
b. set out the date on which the obligation will transfer
c. provide sufficient detail so the CCR operator can identify the credit concerned and determine if the proposal is acceptable