Authorisation Process for Credit Institutions 

To apply for authorisation as a Credit Institution, a potential applicant should refer to our Guidelines on Completion and Submitting Banking Licence Applications which provides guidance in relation to the requirements of the Financial Regulator for such applications.   

In advance of contacting the Financial Regulator, a potential applicant must assess what type of licence its business model requires and whether it will be capable of meeting the regulatory requirements in relation to that licence.

Having satisfactorily completed this assessment the applicant should contact the Financial Institutions and Funds Authorisation Department of the Financial Regulator in order to arrange a preliminary meeting. 

Subsequent to a preliminary meeting, the information requirements outlined in the Checklist for Completing and Submitting Banking Licence Applications must be provided to the Financial Regulator in support of an application. 

All of the listed information must be provided in order to constitute a draft banking licence application.

The application process is then an iterative one involving comments from and responses to the Financial Regulator after the draft application is submitted.

The applicant’s responses to all comments issued by the Financial Regulator must be incorporated into the draft application to form the final application.

The final decision on bank applications rests with the Authority of the Financial Regulator.

Details in relation to the formal licensing of successful applications are also included in the Guidelines referred to above.