Dáil Éireann Debate, Wednesday - 23 January 2019
67. Deputy Pearse Doherty asked the Minister for Finance the number of applications made for a transfer of a banking business under section 33 of the Central Bank Act 1971; the number of transfers carried out; if a list of these transfers will be provided; the transfer applications rejected by him or the Central Bank; and if he will make a statement on the matter. [3163/19]
Amharc ar fhreagraThere have been 49 transfers of banking business carried out under section 33 of the Central Bank Act 1971 (as amended) since the legislation was introduced. A list of the Statutory Instruments (S.I.s) giving Ministerial approval for these transfers is detailed below. In my time as Minister for Finance, I have received two requests seeking my approval to transfer a banking business. Both were made in the context of the Brexit preparations of the banks involved. Upon review of the proposals, and consultation with the Governor of the Central Bank on the relevant regulatory, supervisory and prudential considerations, I gave my approval to both bank transfers.
A key consideration when reviewing proposals to transfer banking business is that in promoting the industry it is important that there is fair entry to and exit from the financial services sector in Ireland, and the Government has no desire to cause undue difficulty to firms wishing to enter or withdraw from the market. Moreover, we recognise that mergers and acquisitions play an important role in the growth of firms, and transfers of banking business often take place in such a context. Also, as banks with a global footprint enter the Irish market using branch or subsidiary structures, when there is a restructuring at group level, it may be necessary for the bank to transfer its business internally from one part of the group to another. This is particularly the case in light of Brexit, where the Irish authorised bank may be a branch of the group's UK bank and transfers its Irish business to become a branch of another European bank within the group structure.
It is not in the spirit of the legislation to prohibit any transfer of banking business, unless there were serious concerns about the regulatory or prudential impact of a proposed transfer, or it would be likely to have a significant negative impact on the Irish economy or financial stability.
Statutory Instruments made under Section 33 of the Central Bank Act 1971 (as amended)
1. Central Bank Act 1971 (Approval of Scheme of Transfer between HSBC Bank plc and HSBC France) Order 2018 [S.I. No. 508 of 2018]
2. Central Bank Act 1971 (Approval of Scheme of Transfer between J.P. Morgan Bank (Ireland) plc and J.P. Morgan Bank Luxembourg S.A., Dublin Branch) Order 2018 [S.I. No. 386 of 2018]
3. Central Bank Act 1971 (Approval of Scheme of Transfer between LGT Bank (Ireland) Limited and LGT Bank Ltd.) Order 2016 [S.I. No. 465 of 2016]
4. Central Bank Act, 1971 (Approval of Scheme of Transfer between ICS Building Society and The Governor and Company of the Bank of Ireland) Order, 2014 [S.I. No. 257 of 2014]
5. Central Bank Act 1971 (Approval of Scheme of The Royal Bank of Scotland N.V. and The Royal Bank of Scotland plc) Order 2012 [S.I. No. 137 of 2012]
6. Central Bank Act, 1971 (Approval of Scheme of Transfer between Northern Rock plc and Irish Life & Permanent plc (trading as permanent tsb)) Order, 2011 [S.I. No. 547 of 2011]
7. Central Bank Act, 1971 (Approval of Scheme of First Active plc and Ulster Bank Ireland Limited) Order, 2009 [S.I. No. 481 of 2009]
8. Central Bank Act 1971 (Approval of Scheme of KBC Mortgage Bank and KBC Bank Ireland plc) Order, 2009 [S.I. No. 125 of 2009]
9. Central Bank Act, 1971 (Approval of Scheme of Hypo Public Finance Bank and DEPFA BANK plc) Order, 2008 [S.I. No. 8 of 2008]
10. Central Bank Act, 1971 (Approval of Scheme of National Irish Bank Limited and Danske Bank A/S) Order, 2007 [S.I. No. 29 of 2007]
11. Central Bank Act 1971 (Approval of Scheme of AIB Finance Limited and Allied Irish Banks, p.l.c.) Order 2006 [S.I. No. 557 of 2006]
12. Central Bank Act, 1971 (Approval of Scheme of AIB Capital Markets p.l.c. and Allied Irish Banks, p.l.c.) Order, 2005 [S. I. No. 612 of 2005]
13. Central Bank Act, 1971 (Approval of Scheme of Transfer between Barclays Bank plc and Barclays Bank Ireland plc) Order, 2005 [S.I. No. 227 of 2005]
14. Central Bank Act, 1971 (Approval of Scheme of Transfer between Citibank International plc and Citibank Ireland Financial Services plc) Order, 2004 [S.I. No. 470 of 2004]
15. Central Bank Act, 1971 (Approval of Scheme of the Investment Bank of Ireland Limited and the Governor and Company of the Bank of Ireland) Order, 2004 [S.I. No. 38 of 2004]
16. Central Bank Act, 1971 (Approval of Scheme of Rheinhyp Bank Europe Plc and Europaische Hypothekenbank S.A.) (No. 2) Order, 2003 [S.I. No. 343 of 2003]
17. Central Bank Act, 1971 (Approval of Scheme of ABN AMRO Bank N.V. and Allied Irish Banks, p.l.c.) Order, 2003 [S.I. No. 64 of 2003]
18. Central Bank Act, 1971 (Approval of Scheme of Depfa Bank-Europe Plc and Depfa Bank Plc) Order, 2002 [S.I. No. 470 of 2002]
19. Central Bank Act, 1971 (Approval of Scheme of Bank of Scotland (Ireland) Limited and Icc Bank Plc) Order, 2002 [S.I. No. 27 of 2002]
20. Central Bank Act, 1971 (Approval of Scheme of Icc Investment Bank Limited and Icc Bank Plc) Order, 2002 [S.I. No. 26 of 2002]
21. Central Bank Act, 1971 (Approval of Scheme of Ulster Bank Limited and Ulster Bank Markets Limited) Order, 2001 [S.I. No. 365 of 2001]
22. Central Bank Act, 1971 (Approval of Scheme of Transfer between Citibank, N.A. and Citibank International PLC, Ireland Branch) Order, 2001 [S.I. No. 325 of 2001]
23. Central Bank Act, 1971 (Approval of Scheme of Lombard & Ulster Banking Limited and Ulster Bank Markets Limited) Order, 2001 [S.I. No. 187 of 2001]
24. Central Bank Act, 1971 (Approval of Scheme of Ansbacher Bankers Limited and Anglo Irish Bank Corporation public limited company) Order, 2000 [S.I. No. 298 of 2000]
25. Central Bank Act, 1971 (Approval of Scheme of Bank of Ireland Finance Limited and The Governor and Company of the Bank of Ireland) Order, 2000 [S.I. No. 204 of 2000]
26. Central Bank Act, 1971 (Approval of Scheme of Anglo Irish Corporate Bank Limited and Anglo Irish Bank Corporation plc) Order, 2000 [S.I. No. 53 of 2000]
27. Central Bank Act, 1971 (Approval of Scheme of EUROHYPO European Mortgage Bank plc and Europäische Hypothekenbank S.A.) Order, 2000 [S.I. No. 52 of 2000]
28. Central Bank Act, 1971 (Approval of Scheme of GE Capital Woodchester Bank Limited and Investec Bank (UK) Limited) Order, 2000 [S.I. No. 28 of 2000]
29. Central Bank Act, 1971 (Approval of Scheme of Hypo-Bank Ireland and Vereinsbank Ireland) Order, 1998 [S.I. No. 361 of 1998]
30. Central Bank Act, 1971 (Approval of Scheme of Irish Bank of Commerce Limited and Anglo Irish Bank Corporation Public Limited Company) Order, 1997 [S.I. No. 282 of 1997]
31. Central Bank Act, 1971 (Approval of Scheme of National Irish Investment Bank Limited and National Irish Vank Limited) Order, 1996 [S.I. No. 320 of 1996]
23. Central Bank Act, 1971 (Approval of Scheme of the Bank of Nova Scotia and Scotiabank (Ireland) Limited) Order, 1996 [S.I. No. 258 of 1996]
33. Central Bank Act, 1971 (Approval of Scheme of Westdeutsche Landesbank (Ireland) Limited and Westdeutsche Landesbank (Ireland) p.l.c.) Order, 1996 [S.I. No. 119 of 1996]
34. Central Bank Act, 1971 (Approval of Scheme of Irish Business Bank, The Dublin Branch of Tsb Bank Plc, and Anglo Irish Bank Corporation Plc) Order, 1995 [S.I. No. 121 of 1995]
35. Central Bank Act, 1971 (Approval of Scheme of Hill Samuel Bank Limited and TSB Bank plc) Order, 1994 [S.I. No. 263 of 1994]
36. Central Bank Act, 1971 (Approval of Scheme of ABN AMRO Bank (Ireland) Limited and ABN AMRO Bank N.V.) Order, 1993 [S.I. No. 185 of 1993]
37. Central Bank Act, 1971 (Approval of Scheme of Woodchester Credit Lyonnais Bank Limited and Woodchester Investment Bank Limited) Order, 1992 [S.I. No. 383 of 1992]
38. Central Bank Act, 1971 (Approval of Scheme of Woodchester Credit Lyonnais Bank Limited and Woodchester First Southern Bank Limited) Order, 1992 [S.I. No. 303 of 1992]
39. Central Bank Act, 1971 (Approval of Scheme of Woodchester Credit Lyonnaise Bank Limited and First Southern Bank Limited) Order, 1992 [S.I. No. 302 of 1992]
40. Central Bank Act, 1971 (Approval of Scheme of Hill Samuel Bank (Ireland) Limited and Hill Samuel Bank Limited) Order, 1992 [S.I. No. 242 of 1992]
41. Central Bank Act, 1971 (Approval of Scheme of Banque Nationale de Paris (Ireland) Limited and Banque Nationale de Paris S.A.) Order, 1992 [S.I. No. 241 of 1992]
42. Central Bank Act, 1971 (Approval of Scheme of National Irish Investment Bank Limited and National Irish Bank Limited), Order, 1992 [S.I. No. 210 of 1992]
43. Central Bank Act, 1971 (Approval of Scheme of ABN AMRO Bank (Ireland) Limited and ABN AMRO Bank N.V.) Order, 1991 [S.I. No. 283 of 1991]
44. Central Bank Act (Approval of Scheme of Lombard & Ulster Banking (I) Limited and Lombard & Ulster Banking Ireland Limited) Order, 1972 [S.I. No. 25 of 1972]
45. Central Bank Act, (Approval of Scheme of the Royal Bank of Ireland Limited and Allied Irish Banks Limited) Order, 1972 [S.I. No. 24 of 1972]
46. Central Bank Act, (Approval of Scheme of Provincial Bank of Ireland Limited and Allied Irish Banks Limited) Order, 1972 [S.I. No. 23 of 1972]
47. Central Bank Act, (Approval of Scheme of the Munster and Leinster Bank Limited and Allied Irish Banks Limited) Order, 1972 [S.I. No. 22 of 1972]
48. Central Bank Act (Approval of Scheme of The Hibernian Bank Limited and The Governor and Company of the Bank of Ireland) Order, 1972 [S.I. No. 21 of 1972]
49. Central Bank Act, (Approval of Scheme of the National Bank of Ireland Limited and The Governor and Company of the Bank of Ireland) Order, 1972 [S.I. No. 20 of 1972]
