Thursday, 5 December 2019

Questions (69)

Michael McGrath

Question:

69. Deputy Michael McGrath asked the Minister for Finance the number of open licence applications with the Central Bank; the length of time these applications have remained open; the type of financial services provider in each case; and if he will make a statement on the matter. [51026/19]

View answer

Written answers (Question to Finance)

The Central Bank cannot comment publicly on individual regulatory relationships or the applications for authorisation of specific firms.

Information relating to the number of applications that have been processed by the Central Bank is published on its website, available at: https://centralbank.ie/regulation/how-we-regulate/authorisation/service-standards

The Central Bank publishes Regulatory Service Standards Performance reports twice a year.

The H1 2019 report is available at: https://centralbank.ie/docs/default-source/regulation/how-we-regulate/authorisation/service-standards-performance-reports/regulatory-service-standards-performance-report-h1-2019.pdf

The report for H2 2019 will be published in early 2020.

For the Deputy's convenience, the H1 2019 information is summarised in the table in the following link.

HI Information

*Number of submissions received in relation to all applications. An application will typically have multiple submissions prior to being cleared/authorised.

During the period January to June 2019, there were:

35 applications / submissions withdrawn by the applicant firm, and

21 applications / submissions deemed dormant due to lack of engagement from the applicant firm.