Credit History Reporting Draft Bill and Report of the Inter-Agency Working Group on Credit Histories

 

The Minister for Finance, Mr Michael Noonan, TD has today (7 June 2012) issued, a consultation document relating to the proposed Credit Reporting Bill. The Bill is to be published by end September 2012 in accordance with a commitment under the EU/ECB/IMF (Troika) Programme of Financial Support for Ireland. The report of the Inter-Agency Working Group on Credit Histories, which was submitted to the Minister at end June 2011, is also published. That report formed the framework for the drafting of the consultation document, now published.

 

The consultation document and the report are available on the Department’s website.

 

The Minister said that “the proposed new Credit Register will support more informed lending decisions and development of improved insolvency procedures, while also providing an important tool for banking supervision. The data set to be collected will be comprehensive in scope, will include information on restructured as well as new loans and will be covered by robust measures to protect personal information”

 

Observations on the consultation document should be emailed to: creditreporting@finance.gov.ie by close of business on Friday 29 June 2012. Following this consultation process, and further drafting and advisory input from the Office of the Attorney General, the Minister will seek Government approval to publish the Bill to ensure compliance with the commitment entered into with the Troika.   

 

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