Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

To ask the Minister for Finance the steps that need to be taken for a new single payments platform for credit unions to receive regulatory approval; if any application has been made for such approval; the date on which the application was submitted; when the decision on the application will be made; and if he will make a statement on the matter. [54886/12]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

The Central Bank of Ireland has responsibility for the approval of an application to operate a single payments platform. If an entity wishes to establish a single payments platform for credit unions, this activity may require authorisation under the European Communities (Payment Services) Regulations 2009 (PSRs) as it may constitute a “payment service” within the meaning of the PSRs. The Central Bank advises me that due to the confidentiality provisions set out in Section 33AK of the Central Bank Act 1942 it is not in a position to confirm whether any such application has been received to date.

An entity seeking authorisation as a payment institution pursuant to the PSRs would be required to submit an application for authorisation to the Central Bank in accordance with Regulation 10 of the PSRs. Regulation 11 sets out the capital requirements. Regulation 21 provides that within three months of the receipt of an application (or, if the application is incomplete, of all the information required for the decision), the Central Bank will inform the applicant concerned whether the authorisation has been granted or refused.