I propose to take Questions Nos. 47 and 63 together.
I am advised by the Central Bank, that it has received a single application this quarter and none in the previous seven quarters. As the Deputies will be aware, there is a single market in Europe and the decision on where to establish a credit institution is a commercial decision for a bank. The Central Bank of Ireland has published guidelines for banks wishing to establish a credit institution in Ireland on completing and submitting Banking License Applications to facilitate the process. In that document the Central Bank makes it clear that it welcomes applications. My Department ensures an appropriate economic and legal framework is in place which balances growth of the sector with effective regulation in the area. The Deputies may wish to note with regard to commercial banking activities, my Department plays an active role in the IFSC Clearing House Group, chaired by the Department of the Taoiseach, in developing the financial services sector in Ireland.