OBS_VALUE: See also Article 15 of Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms.Where a competent authority refuses authorisation to commence the activity of a credit institution, it shall notify the applicant of the decision and the reasons therefor within six months of receipt of the application or, where the application is incomplete, within six months of receipt of the complete information required for the decision. A decision to grant or refuse authorisation shall, in any event, be taken within 12 months of the receipt of the application.According to Article 14 of Council Regulation (EU) No 1024/2013, the national competent authority shall take, within the period provided for by relevant national law, a draft decision to propose to the European Central Bank to grant the authorisation and this draft decision shall be notified to the ECB and the applicant for authorisation. The ECB shall state the reasons for rejection in writing within a maximum period of ten working days, extendable once for the same period in duly justified cases if objecting to the national competent authority's draft decision to authorise a credit institution. The national competent authority must, in turn, notify the ECB's decision to the applicant. 