Dáil Éireann Debate, Thursday - 17 July 2014
99. Deputy Michael McGrath asked the Minister for Finance if he will set out, in tabular form, the number of applications received and granted for a banking licence in the State in each year since 2010. [32439/14]
View answerAs Minister for Finance I have no role in the granting of a banking licence. Section 9 of the Central Bank Act, 1971 (as amended) outlines the role of the Central Bank in granting, or refusing to grant, a banking licence. I have been informed by the Central Bank that it has received only one application for a new bank licence since 2010. The application in this case was successful and the licence was granted in June 2013.
While the Central Bank currently has sole responsibility in this regard, under the Single Supervisory Mechanism Regulation which is due to take effect from 4 November 2014, the European Central Bank will have exclusive competence for the authorisation, and the withdrawal of authorisation, of credit institutions.
