(1) Where the Central Bank receives an application for a licence under section 7, the Central Bank shall in writing inform the Minister of the application.
(2) Where the Central Bank makes a decision in relation to a licence under —
(a) section 8, to grant or deny a licence;
(b) section 12, to vary a condition of a licence; or
© section 14, to revoke a licence;
the Central Bank shall in writing inform the Minister of its decision, stating the reasons for the decision.