---

Central Bank working on CCR review findings

The Central Bank has published the findings of a report that recommends improvements to the way it operates the Central Credit Register (CCR), a centralised system that collects and stores information about loans.

The external review was commissioned last year, after the bank disclosed that an archive error led to three months’ information on borrowers’ credit records being made available to lenders for longer than it should have been.

The regulator said that no data was compromised or accessed by any unauthorised third parties.

Outsourcing

The report recommended a “comprehensive review” of the Central Bank’s capabilities at each stage of the service, as well as improved oversight of the risks linked to the outsourcing of the service to third parties.

Vasileios Madouros (deputy governor of the Central Bank) said that the organisation was now working to implement the recommendations.

“It is important for the public to know that the CCR will continue to operate as normal – the recommendations will only change how the Central Bank operates internally,” he stated.

Madouros (pictured) added that the regulator is continuing to “engage fully” with the Data Protection Commission, which last year started an inquiry into the incident.