(1) Where the Bank receives information (which corresponds to the information referred to in Regulation 33) from the competent authority of another Member State and which relates to a proposal by a credit institution authorised in that other Member State or a financial institution in that other Member State to which Regulation 32(3) applies to establish a branch in the State, the Bank shall within 2 months of the receipt of the information, if it considers it necessary to do so, inform the institution of any or all of the enactments and regulatory provisions applying to the conduct of banking business or of the proposed operations of the branch in the State.

(2) The credit institution or financial institution concerned may establish the branch and commence operations -

(a) as soon as it is informed by the Bank under paragraph (1) of the matters to which that paragraph relates, or

(b) on the expiry of the 2 month period referred to in that paragraph,

whichever event first occurs.