Ireland: Credit Reporting Update

Last Updated: 24 February 2016
Article by Orla O'Connor and Robert Cain
Most Read Contributor in Ireland, November 2018

On 11 February 2016, the Central Bank published a Feedback Statement on its April 2015 Consultation on the introduction of a Central Credit Register (the Register) under the Credit Reporting Act 2013 (the Act). This Briefing gives an update on the status of the Register, and the Central Bank's plans to phase in credit reporting.


The purpose of the Act is to establish the Register (to be managed by the Central Bank) which will hold information about credit applications, credit agreements and the parties to those agreements, and oblige lenders to report certain information on those applications and agreements.

The Act came into operation on 27 January 2014, but the Register is not yet up and running and the various regulations required under the Act have yet to be published. Now that the Central Bank has engaged a third party service provider to assist with the operational aspects of developing the Register, implementation is expected to progress quickly.

The Central Bank has emphasised, as regards preparing the various regulations, the importance of it conducting privacy impact assessments and consulting with the Data Protection Commissioner so as to balance the Central Bank's desire for a single borrower view to be available to lenders against the privacy rights of the borrowers concerned.


  • In-scope lenders: Lenders in scope include regulated financial services providers (such as banks, credit unions and retail credit firms), NAMA, local authorities and other persons who provide credit (including unregulated lenders). Purchasers of loans from one of these entities are also in-scope. Central banks and pawnbrokers are out of scope. The Central Bank expects more than 500 lenders to come within the credit reporting regime.
  • In-scope credit: Loans, deferred payment arrangements and other forms of financial accommodation are all in scope with certain exceptions (such as the provision of employee-only credit by an employer, intra-group credit, interest-free charge-free credit and credit provided in connection with the continuing provision of utilities). Where loan books are closed, or have been sold, the related credit agreements remain in scope. For the Act to apply, the borrower must be resident in the State when the application is made, or the governing law of the credit agreement must be Irish.
  • Lender obligations: Lenders will be subject to reporting obligations where the credit is at least €500. The information that they must report will differ depending on whether the obligor is an individual or a corporate, and whether it is a borrower or a guarantor. Where lenders receive a credit application for at least €2,000, they will also be obliged to check the Register prior to advancing credit.
  • Borrower rights: Borrowers will be able to check their credit records. They will also be able to ask for their record to be amended if it is inaccurate, incomplete or out-of-date, and may submit explanatory statements of up to 200 words to the Central Bank for inclusion on the Register beside their information.
  • Foreign credit: The Act provides that borrowers, if they have more than €5,000 outstanding under foreign credit agreements, must notify an in-scope lender when applying for credit.


While the Act sets out the framework for the new credit reporting regime, much of the detail will instead be set out in regulations to be made by the Central Bank (following consultation with the Minister for Finance and the Data Protection Commissioner). Those regulations will cover the type of personal information and credit information that must be provided (which is expected to differ as between different classes of applications, agreements, lenders and obligors (borrowers and guarantors)) and the form and content of credit reports. The Central Bank may also make regulations changing the monetary thresholds set out in the Act – the €500 and €2,000 thresholds mentioned above were the subject of much debate as the Act progressed through the Houses of the Oireachtas due to concerns that moneylenders could fall outside of scope.

The Register is expected to be self-financing, and the Central Bank will also issue regulations setting out what fees and levies will be imposed and whether these will differ depending on the type of lender.


Arising out of the Consultation and the Feedback Statement, the following points have been clarified:

  • Phased implementation: Implementation will occur on a phased basis (as expected) starting in September 2016.
  • Operational guidance: The Central Bank is expected to issue operational guidance shortly.
  • Implementation plans: The Central Bank is expected to seek implementation plans and progress reports from relevant lenders after it issues its operational guidance.
  • Phase 1 (consumer credit) and Phase 2 (business credit):
    • Timing: The initial focus will be on loans to consumers (in 2016), with business credit being dealt with after that (in 2017). The table at the end of this Briefing sets out key implementation dates.
    • Partnerships: A number of respondents to the Consultation indicated that there are significant challenges in capturing all of the relevant details for unincorporated entities such as clubs, partnerships and associations. The Central Bank has acknowledged that, because reporting on partnerships is likely to be complex, the second phase (business credit reporting) will require data on the partnership itself to be reported, but data on the individual partners will not be sought until a further, later, phase.
  • Moneylenders and loan authorities: Loans by moneylenders and local authorities will be dealt with in the second (business credit) phase.
  • Reporting credit applications: Apart from personal data, only a limited amount of information will be sought (i.e. type of product and amount of credit). The Central Bank does not intend to require lenders to keep the Register updated on the status of an application.
  • Reporting credit agreements: The reporting obligation is expected to arise on drawdown (or, in the case of overdrafts and credit cards, on the date that they are first available for use).
  • Foreign credit: The Central Bank is not proposing to deal with the requirement that information be sought and provided regarding foreign credit in excess of €5,000 in the initial implementation phase. This is because it received feedback that the requirement is impractical and overly-dependent on the honesty of borrowers and that it would be difficult to keep such data up-to-date.
  • Guarantors: The Central Bank does not intend to start collecting guarantor data until after the business credit phase has been implemented (so most likely not until 2018).



1 Reporting obligations for moneylenders and local authorities will also begin on this date.

2 This will also catch any in-scope credit provided by moneylenders and local authorities.

This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

To print this article, all you need is to be registered on

Click to Login as an existing user or Register so you can print this article.

Similar Articles
Relevancy Powered by MondaqAI
In association with
Related Topics
Similar Articles
Relevancy Powered by MondaqAI
Related Articles
Up-coming Events Search
Font Size:
Mondaq on Twitter
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
Email Address
Company Name
Confirm Password
Mondaq Topics -- Select your Interests
 Law Performance
 Law Practice
 Media & IT
 Real Estate
 Wealth Mgt
Asia Pacific
European Union
Latin America
Middle East
United States
Worldwide Updates
Registration (you must scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of

To Use you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.


The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.


Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions