We just announced two new commercial bank licenses after a rigorous vetting process. We are examining this experience, and after making appropriate changes, will announce a more regular process of giving licenses – what has been termed licenses on tap.
Because of the public’s trust in banks and the presence of universal deposit insurance, we have to be careful in giving out the normal commercial bank licenses. To be absolutely confident of the capabilities and integrity of applicants, we give licenses only to those who have a proven track record and reasonable capital.