Dáil Éireann Debate, Wednesday - 15 February 2017
124. Deputy Pearse Doherty asked the Minister for Finance the number of applications that have been revived for banking licences in each of the past five years; the number of licences granted; and if he will make a statement on the matter. [7583/17]
Amharc ar fhreagraI am informed by the Central Bank that the number of applications for a banking licence received in the past five years is as follows:
2016 - None
2015 - None
2014 - None
2013 - One - Dell Bank International Limited - licence granted
2012 - None
In December 2015, Credit Suisse AG, a credit institution authorised in Switzerland was granted authorisation under section 9A of the Central Bank Act, 1971 (the "Act") to operate in the State through its Dublin branch for the purpose of carrying on banking business in the State. This was the first authorisation granted by the Central Bank under section 9A of the Act.
It should be noted that the Central Bank operates an internal two-step process to bank licensing. Step 1 is whereby the potential applicant submits a proposal for authorisation. This is then reviewed by the Central Bank and if it is considered that the proposal meets the criteria for the granting of a banking licence then, under Step 2, an application is submitted. If the proposal does not meet the criteria then it is returned to the potential applicant. The data contained above refers only to applications received at Step 2.
