Central Bank to introduce credit register by 2018

Central Bank to introduce credit register by 2018

The Central Bank is set to deliver a Central Credit Register (CCR), and implement new European insurance requirements over the next three years.

The organisation laid out the targets in its latest strategic plan, which covers the period from 2016-2018.

One of the main objectives in the plan is a credit register that would show banks how much potential customers had already borrowed.

It will require all lenders to submit personal and credit information on loan agreements of €500 or more to the register.

Lenders will be required to check the CCR when considering a loan application for more than €2,000, while borrowers will be able to access information held on the register about them at any time.

The Government committed to introduce a credit register in 2013 under the Financial Measures Programme.

In its recent bailout report on Ireland, the European Commission repeated its call for Ireland to introduce such a system without delay.

The Central Bank’s strategy also includes a plan to move staff to a new head office “in order to improve the Central Bank’s efficiency”.

It said that at the centre of all of its objectives is a duty to safeguard stability as well as protect consumers.

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