OBS_VALUE: Under Article 14 of Council Regulation (EU) No 1024/2013, the European Central Bank (ECB) shall state the reasons for rejection in writing 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. Check, also, Article 15 of Directive 2013/36/EU 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.