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BANKS EEA

Acquiring a bank

Acquiring a bank is complicated transaction. It involves all the processes of acquisition including receiving financial regulatory approvals.
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  • IRELAND

    Inhabitants - 4.670.976 (July 2011)

    Language - English (official, the language generally used), Irish (Gaelic or Gaeilge) (official, spoken mainly in areas along the western coast)

    Currency - EURO (EUR)

    Religion-Roman Catholic 87.4%, Church of Ireland 2.9%, other Christian 1.9%, other 2.1%, unspecified 1.5%, none 4.2%

    Politics - Ireland is a parliamentary, representative democraticrepublic and a member state of the European Union. While the head of state is the popularly elected President of Ireland, this is a largely ceremonial position with real political power being vested in the indirectly elected Taoiseach (prime minister) who is the head of the government.Executive power is exercised by the government which consists of no more than 15 cabinet ministers, inclusive of the Taoiseach and Tánaiste (deputy prime minister).

  • Main industries - pharmaceuticals, chemicals, computer hardware and software, food products, beverages and brewing, medical devices.

    Banks (2010) - 78 banks; 780 branches; 35 150 employees; assets – 1 168.01 billion EUR; loans –432.51 billion EUR; deposits – 269.23 billion EUR

    Banking regulations –  The Central Bank is responsible for prudential regulation and conduct of business of financial institutions in Ireland. The Central Bank was established under the Central Bank Act 1942. This legislation has been subject to extensive amendment since its enactment. The Central Bank is responsible for developing rules governing the authorization of financial services providers and for the continuing supervision of the entities that it has authorized.

    The Central Bank employs a risk-based approach to regulation, supported by the ability to take enforcement action where breaches of its requirements are identified. The risk-based approach is used so that resources are focused on financial institutions with the highest impact and risk profile. A bank is required to have an initial paid-up share capital of not less than €6.35 million and then to comply with risk-based ongoing capital requirements