Dáil Éireann Debate, Tuesday - 24 July 2018
252. Deputy Michael McGrath asked the Minister for Finance the number and nature of authorisation applications the Central Bank has received to date in 2018 from financial services firms; the amount that may be Brexit related; and if he will make a statement on the matter. [33860/18]
Amharc ar fhreagraI am informed by the Central Bank that it has seen a sizeable increase in the number of authorisation requests as a result of Brexit and has taken the necessary steps to ensure that it is in a position to process these. The Central Bank has engaged with all firms who have approached it in a transparent, clear and robust manner. The Central Bank expects all firms in Ireland to be able to demonstrate that their firm is run from Ireland and has real substance in this jurisdiction. It is important with just nine months to go to Brexit that any firm who wishes to be authorised by then engages with the Central Bank now, to give the necessary time to process the application.
As a general rule the Central Bank doesn’t comment on applications for authorisation however it does publish Registers of firms regulated by the Central Bank of Ireland on its website that are updated on a monthly basis:
http://registers.centralbank.ie/DownloadsPage.aspx.
The Central Bank also publishes Service Standards Performance Reports which summarises authorisation activity for all sectors on half-yearly basis.
https://www.centralbank.ie/regulation/how-we-regulate/authorisation/service-standards.
