The Central Bank of Ireland (Central Bank) is the competent authority in Ireland for the authorisation and supervision of Electronic Money Institutions. The European Communities (Electronic Money) Regulations 2011 (the Regulations), S.I. No. 183 of 2011, transposed Directive 2009/110/EC of the European Parliament and of the Council on the taking up, pursuit and prudential supervision of the business of electronic money institutions (the Directive) and became effective in Ireland on 30 April 2011.
Each potential applicant must consider whether its proposed business model:
- requires authorisation pursuant to the Regulations (including meeting the definition of an ‘Electronic Money Institution’ as per the Directive) ;
- complies with the Central Bank’s requirements; and
- is capable of complying with, and adhering to, the requirements that must be satisfied on an ongoing basis.
Having satisfactorily completed this consideration, where an applicant proposes to seek authorisation they should contact the Central Bank (Consumer Protection: Policy & Authorisations Division). Where an applicant wishes to discuss the application process with the Central Bank, a pre-application meeting can be arranged.
Please refer to the Guidance Notes for Completing an Application for Authorisation as an E-Money Institution for guidance in relation to the requirements of the Central Bank for establishing an Electronic Money Institution in Ireland (including its distributors, agents and branches).
Applicants seeking authorisation under the Directive should submit the following material:
Applications that do not contain the key authorisation documents listed above or that contain documentation that is materially incomplete will be returned to the applicant.
For a document setting out the prudential supervision requirements for Electronic Money Institutions authorised by the Central Bank, please follow the following link.
Each applicant should bear in mind the nature of its proposed business and structure in preparing an application for submission. The Central Bank will advise the applicant of any additional information or clarification required, having reviewed the documentation submitted, by issuing detailed written comments to the applicant or its legal representative, as appropriate.
An effective and expeditious authorisation process depends on the timeliness and quality of responses received to the Central Bank's comments.
Regulatory Transactions Service Standards Report for October - December 2014 published
This report gives details of the Central Bank's performance against the Standards for the 3 month period 1 October to 31 December 2014.
A copy of the report is available here.