(1) Where the Central Bank rejects an application for authorisation it shall notify the society of the decision and the reasons therefor within 6 months of receipt of the application or, where the application is incomplete, within 6 months of receipt of the complete information required for the decision.
(2) The Central Bank shall, in any event, take a draft decision to propose to the ECB to grant an authorisation or reject the application within 12 months of the receipt of the application.