Authorisation Process for Credit Institutions

Authorisation Process for Credit Institutions under Section 9 of the Central Bank Act, 1971 and Third Country Branches under Section 9A of the Central Bank Act, 1971

Legislation

The European Central Bank ('ECB') is the competent authority in Ireland for the granting of banking licences in accordance with Section 9 of the Central Bank Act, 1971 (as amended).

In relation to applications for authorisation under Section 9A of the Central Bank Act, 1971, by relevant credit institutions headquartered in a non-European Economic Area country or territory, referred to as 'Third Country Branches', the Central Bank of Ireland (‘Central Bank’) is the competent authority for granting such authorisations.

Applying for an authorisation

Credit Institutions under Section 9 of the Central Bank Act, 1971

As of 31 January 2022, the ECB submission portal  IMAS portal is to be used for the submission of applications for authorisation under Section 9 of the Central Bank Act, 1971, and also for applications to revoke an existing banking licence which was granted under Section 9 of the Central Bank Act, 1971. Access to the IMAS portal will be arranged following initial engagement with the Central Bank.

A potential applicant should refer to the Central Bank’s Guidelines that provide guidance in relation to the Central Bank’s general requirements and expectations regarding such applications.

Third Country Branches under Section 9A of the Central Bank Act, 1971

A potential applicant should refer to the Central Bank’s Guidelines that provide guidance in relation to the Central Bank’s general requirements and expectations regarding such applications.

A potential applicant should refer to the Central Bank’s Checklist for completing and submitting Bank Licence applications. This provides an indication of the documentation to be submitted should an assessment progress to the second stage of the assessment process (see below).

All licence applications follow a three stage process:

Exploratory Phase

  • The applicant will submit an initial high level proposal
  • Following review, if no significant issues are identified the applicant moves to stage 2

Draft Application

  • The applicant will submit a draft application
  • The majority of the assessment work is completed during this stage
  • The assessment will be conducted by the Central Bank and ECB for section 9 Applications, and the Central Bank for section 9A applications

Application and Decision

  • The applicant will submit an application
  •  A decision will be made on whether to grant authorization
    •  The ECB is the competent authority for the decision on section 9 Applications
    •   The Central Bank is the competent authority for the decision on section 9A Applications

Contact Us

For questions relating to the Credit Institutions authorisation process, or to arrange a preliminary meeting, please contact us at [email protected].