Authorisation Process

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

A potential applicant should refer to the Central Bank’s  Checklist  for completing and submitting Bank Licence applications.

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

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

The principal stages for both authorisation applications are as follows

Exploratory Phase - During this phase the potential applicant will, having firstly engaged in detailed discussions with the Central Bank, submit a proposal to the Central Bank for review. The Central Bank will undertake (in conjunction with the ECB for section 9 Authorisations) a detailed review of the proposal and issue comments advising the applicant of any further information or clarifications required in relation to any aspect of the proposal. The purpose of the review is to determine whether the proposal will meet the required standard for authorisation.

Formal Application - Should the proposal meet the required standard the applicant will then submit an application for authorisation. Both the Central Bank and the ECB will complete their assessment of the application, which may involve further clarification being sought from the applicant.

Final Decision

Credit Institution - Section 9 of the Central Bank Act, 1971

When the assessment of the formal application has been completed, the Central Bank will determine whether to recommend to the ECB that authorisation be granted.  A decision will then be made by the ECB on whether to grant a banking licence. A banking licence will only be granted where the ECB and the Central Bank are satisfied that the applicant complies with all of the authorisation requirements.

Third Country Branch - Section 9A of the Central Bank Act, 1971

When the assessment of the formal application has been completed, the Central Bank will determine whether to grant authorisation.

The Central Bank is the competent authority for granting such authorisations.

Contact Us

For questions relating to the Credit Institutions authorisation process, or to arrange a preliminary meeting, please contact us at bank.authorisations@centralbank.ie.