(1) The Bank may only withdraw an authorisation issued to a payment institution where the institution -

(a) does not make use of the authorisation within 12 months,

(b) expressly renounces the authorisation,

(c) has ceased to engage in business for more than 6 months,

(d) has obtained the authorisation through false statements or any other irregular means,

(e) no longer meets the conditions for the granting of the authorisation or fails to inform the Bank of major developments in this respect,

(f) would constitute a threat to the stability of, or the trust in, the payment system by continuing its payment services business, or

(g) may have its authorisation withdrawn in accordance with another law of the State.

(2) Before withdrawing an authorisation, the Bank shall -

(a) give written notice of the proposed withdrawal to the payment institution concerned -

(i) setting out a summary of the relevant evidence,

(ii) setting out the reasons for the proposed withdrawal, and