According to a report, revolut have dropped plans to use the emoney license its been offered by the central bank of Ireland, authorising bank services such as personal loans to customers, and is instead using its Lithuanian license.
According to the report, the minister of state for financial services said, its disappointing that Revolut decided not to accept the emoney license. But he said, regarding the application process, there are no plans to change the financial regulator’s mandate to allow it to promote Ireland as a base for international financial activity. Reportedly, the central bank had this (dual) role but it was removed in in-post recession reforms as it was viewed as a contributing factor to regulatory mishap in the lead up to the financial crash.