Written answer
Economic Policy
The Central Bank reduced CCR enquiry fees, while proposed lower reporting and consultation thresholds remain under consideration due to administrative costs and potential benefits.
362. Deputy Emer Currie asked the Tánaiste and Minister for Finance when recommendation 11.2 of the November 2022 Retail Banking Review will be implemented; the reasons for the delay; and if he will make a statement on the matter. [64163/26]
Comment on this
The Central Credit Register (CCR) was established by the Central Bank of Ireland under the Credit Reporting Act 2013.
Lenders are obliged to submit information to the CCR on active loans (such as credit cards, personal loans, overdrafts, mortgages, business loans etc.) of €500 or more. They must also enquire on the CCR when considering a credit application of €2,000 or greater.
Recommendation 11.2 of the Retail Banking Review proposed a reduction in the fees associated with lower value loans and a reduction in the thresholds for reporting (from €500 to €200) and consultation (from €2,000 to €1,000).
The Central Bank has advised that, with effect from January 2024, a reduced fee of €3.00 per lender enquiry applies in relation to all loans.
Individual borrowers can apply for their credit report free of charge. Other borrowers, such as companies, can apply for a credit report once a year free of charge.
The potential for a reduction in the thresholds remains under consideration in the context of the associated administrative burden and cost, along with any benefits that may arise.