(1) Where the Bank decides to refuse an application for an authorisation (whether in respect of a head office or a branch or agency) it shall notify its decision to the applicant and shall in the notification specify the grounds for its decision.
(2) A decision of the Bank refusing an application for an authorisation is an appealable decision for the purposes of Part VIIA of the Central Bank Act 1942.
(3) A failure of the Bank to deal with an application for an authorisation within 6 months after the date on which the Bank received the application is taken to be an appealable decision for the purposes of Part VIIA of the Central Bank Act 1942.