Ireland: Guidance Issued By The Central Bank Of Ireland In January 2019 Provides Helpful Elucidation Of Elements Of The Credit Reporting Act 2013

As discussed in our legal briefings in February 2018 and May 2018, the Central Credit Register (the "CCR") was established to develop a "single borrower view" of a borrower's total credit exposure. This briefing summarises certain provisions of the guidance on the CCR issued in January 2019 (the "Guidance").

A. Hire Purchase and Personal Contract Plans ("PCPs") are in-scope

On 29 October 2018, the Act was amended by the Markets in Financial Instruments Act 2018 (the "2018 Act") to revise the definition of "credit" by the amendment of the definition of trade credit. Due to a lacuna with the definition of credit, as originally drafted, hire purchase, leasing and PCPs were inadvertently excluded from the scope of the Act.

The amendment, introduced by the 2018 Act, brings hire purchase, PCPs, asset finance and other credit agreements where the credit was advanced to facilitate the provision of the goods or services by the same entity within the scope of the Act. The Act (as amended) also clarifies the scope of the trade credit exception from the definition of credit. The reporting obligations in respect of such arrangements commence on 30 June 2019. The Guidance clarifies that there is no retrospective reporting requirements.

B. Guidance on the Central Credit Register issued in January 2019

While the scope of the Act is wide, its practical application has been narrowed by the Central Bank's approach.

The Guidance supersedes the previous guidance issued by the Central Bank in March 2018.

1. Purchasers of loans are in-scope.

Section 2.3 of the Guidance provides that a person that acquires the rights of credit information provider (a "CIP") under a credit agreement will, following the acquisition of such rights be the CIP in respect of such agreement. This will affect purchasers of loans. Loan purchasers, following the acquisition of a loan provided under a credit agreement to which the Act applies, must comply with the reporting requirements of the Act.

2. Deposits, loan notes, securities and other financial instruments are out-of-scope for this stage of implementation.

Section 3.1 of the Guidance provides that "credit provided in the form of deposits, loan notes, securities and other financial instruments (e.g. assets that can be traded) are not in scope of the current implementation phase of the CCR". Section 4.3 of the Guidelines further provides that the scope of credit applications and credit agreements (consumer and non-consumer) is confined to lending products only, i.e. data on credit advanced through alternative means such as deposits, derivatives, loan notes etc. is not currently being collected.

While "financial instruments" referred to in Section 3.1 of the Guidance is not specifically defined in the Guidance, the European Communities (Markets in Financial Instruments) Regulations 2017 list the types of instruments comprising, "financial instruments". These include transferable securities (also defined in the 2017 Regulations), money market instruments, units or shares in UCITS, units in a unit trust, shares in an investment company, capital contributions, units in a common contractual fund, options, futures, swaps and other derivatives relating to specific categories.

This exception is expressed to apply to the current phase of implementation by the Central Bank of Ireland. We will keep you informed of any further developments in this regard.

C. Some Guidelines on Reporting to the CCR

Chapter 4 of the Guidance sets out a number of guidelines on reporting to the CCR.

1. List of Products currently in scope of the CCR

Section 4.3 of the Guidance provides a non-exhaustive list of the type of products which are in-scope of the CCR. However it states that CIPs should ensure that the CCR product type they select best reflects the characteristic of the credit product provided and that certain types of credit products may or may not be in-scope depending on the terms and conditions of the credit agreement.

Table 4.3: CCR generic product list


  • Personal Loan
  • Credit Card, Charge Card
  • Overdraft, Revolving Facility
  • Mortgage Home Loan, Lifetime Mortgage Plan, Property Reversion Plan, Mortgage Buy to Let
  • Hire Purchase, Personal Contract Plan, Leasing

Non Consumer

  • Business Loan
  • Business Credit Card
  • Business Overdraft, Business Revolving Facility
  • Mortgage Buy to Let, Mortgage - Commercial
  • Business Hire Purchase, Business Leasing, Stocking Finance
  • Supply Chain Finance, Invoice Discounting
  • Syndicated Loan – Business, Commercial, Revolving, Other
  • Letter of Credit

2. Credit Profile Information and Credit Performance Information

The data that is reportable to the CCR is split between:

(i) credit profile information (which includes product type, repayment frequency, start date and maturity date) which describes the nature of the credit agreement and remains unchanged through the life of the credit agreement; and

(ii) credit performance information such as outstanding balance, credit limit, number of payments past due, credit status, restructure event etc., which provides information on the performance of the borrower in meeting the payment terms of the credit agreement.

3. Multi-Option Facility, Multiple CISs, and Syndicated Loans

(a) Multi-Option Facility: The Guidance states that where funds are made available under multiple products or provided in separate drawings under the same product type but with variations as to their core commercial terms, including interest rates, the CIP must report the drawings as individual contracts and CIPs must reflect these facilities as linked through a multi-option facility link code.

(b) Multiple Borrowers: Where there are multiple borrowers, all borrowers must be reported individually and be recorded on each contract as co-borrowers. The CIP must report each new contract as it is drawn down.

(c) Syndicated loans: In syndicated loans, each CIP is responsible for reporting its pro rata share of the loan and must reflect the fact that the contract is part of a syndicate.

4. Some Further Guidelines on Reporting

(a) When: CIPs must commence reporting the credit agreement to the CCR following the drawdown of a loan or following funds being available under a noninstalment product or credit card, and must continue to do so on a monthly basis until the contract has been closed. The reporting reference date for every CIP is the last calendar date in a month. Data must then be provided to the CCR within 5 working days of this date.

(b) Restructure: A restructure event is a modification made to a credit agreement which arises out of financial distress only. Where the borrower and the lender agree to modify the term of the credit agreement for reasons other than financial distress, this does not need to be reported as a restructure event. CIPs are required to report both permanent and temporary (e.g. a short term treatment such as a facility being interest only for 12 months). The tables at Section 4.6 of the Guidance provides some useful examples of what constitute permanent and temporary restructure events.

(c) Arrears, Closure of Contract

Where there are arrears the information to be provided includes a number of payments past due, amount past due and days past due. The Guidance sets out an explanation as to how to determine the number of days past due and exactly what information must be provided in each month. An event of bankruptcy, judgment or insolvency arrangements are not reportable to the CCR. However all other data relating to the relevant loans is.

D. Conclusion

The Guidance provides some clarity to reporting requirements under the Act which is helpful to all users of the CCR.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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
Mondaq Free Registration
Gain access to Mondaq global archive of over 375,000 articles covering 200 countries with a personalised News Alert and automatic login on this device.
Mondaq News Alert (some suggested topics and region)
Select Topics
Registration (please 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