Brendan Burgess
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For Written Answer on :07/11/2017
Question Number(s): 232Question Reference(s): 46537/17
Department:Finance
______________________________________________
QUESTION
To ask the Minister for Finance if there are applications with the Central Bank for a banking license in relation to retail banking services; if so, the number with the Central Bank; the amount of time it takes to receive a banking licence from the initial application; and if he will make a statement on the matter.
REPLY
The Central Bank utilises a three-stage banking authorisation assessment process, the first two stages being part of a pre-application assessment, followed by submission of a formal application. It should be noted that it is the European Central Bank which determines whether a banking authorisation should be granted under section 9 of the Central Bank Act, 1971 (general banking authorisations). The Central Bank is the competent authority for Third Country Branches (a credit institution whose head office is located in a state or territory other than an EEA state and which holds an authorisation to carry on banking business in that state or territory from the authority that exercises in that state or territory functions corresponding to those of the Central Bank).
I am informed by the Central Bank that, at present, there are no applications for a banking license for retail banking services.
Question Number(s): 232Question Reference(s): 46537/17
Department:Finance
______________________________________________
QUESTION
To ask the Minister for Finance if there are applications with the Central Bank for a banking license in relation to retail banking services; if so, the number with the Central Bank; the amount of time it takes to receive a banking licence from the initial application; and if he will make a statement on the matter.
REPLY
The Central Bank utilises a three-stage banking authorisation assessment process, the first two stages being part of a pre-application assessment, followed by submission of a formal application. It should be noted that it is the European Central Bank which determines whether a banking authorisation should be granted under section 9 of the Central Bank Act, 1971 (general banking authorisations). The Central Bank is the competent authority for Third Country Branches (a credit institution whose head office is located in a state or territory other than an EEA state and which holds an authorisation to carry on banking business in that state or territory from the authority that exercises in that state or territory functions corresponding to those of the Central Bank).
I am informed by the Central Bank that, at present, there are no applications for a banking license for retail banking services.