I move amendment No. 2:
In page 8, subsection (1), line 38, to delete "Where" and substitute "The Bank shall decide to approve or refuse to approve the rules of a system within three months of the receipt of a submission under section 8(1) and where".
This amendment is designed to impose a reasonable time limit on the bank to process its decision to approve or refuse to approve the rules of an existing or proposed payments system. It was requested by the Irish Banker's Federation. As section 9 is currently drafted there is no such time limit imposed on the bank. A three month time limit is seen as reasonable by the industry and the bank and is consistent with similar time limits placed on the bank in other areas of its banking supervision.