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Central Bank Act 1971
F58[Initial capital.
9E.—(1) Subject to subsection (3), the Bank shall not F59[take a draft decision to propose to the ECB to grant a licence] unless the applicant holds separate own funds, or has an initial capital, of at least €5,000,000.
(2) Initial capital shall comprise only one or more of the items referred to in Article 26(1)(a) to (e) of the Capital Requirements Regulation.
(3) The Bank may F59[take a draft decision to propose to the ECB to grant a licence] to particular categories of credit institutions the initial capital of which is less than €5,000,000, subject to the following conditions:
(a) the applicant has an initial capital of at least €1,000,000;
(b) F60[…]]
Annotations
Amendments:
F58
Inserted (31.03.2014) by European Union (Capital Requirements) Regulations 2014 (S.I. No. 158 of 2014), reg. 154(1)(e), in operation as per reg. 1(2).
F59
Substituted (4.11.2014) by European Union (Single Supervisory Mechanism) Regulations 2014 (S.I. No. 495 of 2014), reg. 14(a), in operation as per reg. 1(2).
F60
Deleted (4.11.2014) by European Union (Single Supervisory Mechanism) Regulations 2014 (S.I. No. 495 of 2014), reg. 14(b), in operation as per reg. 1(2).