AI Summary of 9. Grant of licences.
This section outlines the Bank's obligations regarding the processing of banking licence applications. If satisfied that specified conditions are met, the Bank will draft a decision to propose granting a licence to the applicant. Conversely, non-compliance with these conditions will result in a rejection of the application.
It is crucial to note that the grant of a licence does not serve as a guarantee of the recipient's solvency, and the Bank disclaims any liability for losses incurred due to insolvency or default. Furthermore, post-4 November 2014, references to licences under this section should be interpreted as licences issued by the ECB under the SSM Regulation.
9. Grant of licences.
(1) Subject to sections 9H to 9J, the Bank shall, either -
(a) if it is satisfied that the conditions referred to in sections 9D to 9G have been complied with, take a draft decision to propose to the ECB to grant a licence to a person applying to it for the grant thereof authorising the holder to carry on banking business, or
(b) if it is not so satisfied, reject the application.
(1A) [deleted]
(2) [deleted]
(3) [deleted]
(4) An application for a licence shall be in such form and contain such particulars as the Bank may from time to time determine.
(5) The grant of a licence to a person shall not constitute a warranty as to the solvency of the person to whom it is granted and the Bank shall not be liable in respect of any losses incurred through the insolvency or default of a person to whom a licence is granted.
(6) [deleted]