(1) Where the Bank rejects an application, it shall notify the applicant 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 Bank shall, in any event, take a draft decision to propose to the ECB to grant a Class 1 authorisation or reject the application within 12 months of the receipt of the application.

(3) A decision under this section to reject an application is an appealable decision for the purposes of Part VIIA of the Act of 1942.

(4) A failure by the Bank to notify an applicant within 6 months of receipt of an application or, where an application is incomplete, within 6 months of receipt of the complete information required, in accordance with subsection (1), is an appealable decision for the purposes of Part VIIA of the Act of 1942.

(5) The Bank may reject an application only if -

(a) there are reasonable grounds for doing so on the basis of the criteria specified in section 31H(1), or

(b) the information provided by the applicant is incomplete.