Where the Bank is asked to consider the authorisation of a firm in Ireland, the Bank will want to be satisfied that we are authorising a business or line of business that will be run from Ireland and which we will be effectively supervising. The Bank will expect there to be substantive presence here.
For financial services, the Bank operates under a common framework for regulation and supervision. At a European level, regulatory authorities operate as part of the European System of Financial Supervision (ESFS) which promotes consistent application of European legislative requirements. Potential new entrants pose a challenge to us as an organisation in terms of planning and prioritisation. However, we are meeting this challenge.