The Central Bank of Ireland has published a revised user manual relating to the Individual Questionnaire for Fitness and Probity. The user manual has been divided into two parts (general guidance and question specific guidance) and has been updated to contain the following additions:
- step by step guidance on how to export and import IQs; and
- reasons why IQs may be returned.
The Department of Finance has published a General Scheme of the Credit Reporting Bill 2012. This Bill provides for the establishment and operation of a statutory Central Credit Register (CCR) system in Ireland to benefit both borrower and lender and ensure that lenders are in a position to make informed lending decisions. The main provisions of the Scheme are as follows:
- The database will be owned by the Central Bank and the Bank will be responsible for the operation of the CCR;
- There will be mandatory reporting of a comprehensive range of credit information by credit providers;
- Credit providers will be required to meet specified reporting standards in this regard (e.g. formats, timelines etc.);
- Credit providers will be required to make mandatory credit checks with the CCR for all credit applications above a low value monetary threshold; and
- Access to the credit information held on the Register, other than information contained in a person’s or entity’s own credit file, will be controlled and restricted to those who are registered by the Bank to access data for specific purposes.
The Department of Finance has stated that the drafting of the Bill has commenced and that the Bill should be available by the end of September (in line with EU/IMF commitments).