Financial Capability Assessment Guidance
In order for a Relevant Person to be granted a Maritime Area Consent (MAC), or to continue to be the holder of a MAC, MARA must determine if the Relevant Person is a fit and proper person. Schedule 2 of the Maritime Area Planning Act 2021, as amended, sets out the criteria with which MARA must have regard when determining whether a relevant person is a fit and proper person.
In order to assess an applicant (Relevant Person) against Schedule 2(2)(h), MARA undertakes a Financial Capability Assessment (FCA). The FCA of a Relevant Person considers the ability of the Relevant Person to deliver a MAC project by applying a range of financial tests.
Review of Financial Capability Assessment Guidance
As set out in the Financial Capability Assessment Guidance, MARA has committed to keeping its content and requirements under regular review and where it is deemed appropriate, revisions will be made to the document. Given the current guidance has been in place for over 12 months, the MARA has undertaken to carry out a full review of the Guidance and associated Application Forms, taking account of insights gained from:
- development and refinement of MARA’s processes and procedures in relation to:
- supporting entity guarantees;
- assignment/ change of control applications;
- amendment applications; and
- applications in relation to transitional provision.
- financial capability assessments carried out to date through which areas of common misunderstanding have been identified. These are evident through the issue of repeated requests for the same types of additional information on different applications; and
- queries and feedback from various stakeholders resulting from:
- pre-application meetings;
- MARA’s webinar to industry in relation to the Tonn Núa, South Coast Designated Maritime Area Plan; and
- Other stakeholder meetings and engagements.
Consultation Paper
MARA has prepared a Consultation Paper on the proposed Revisions to the Financial Capability Assessment Guidance for Maritime Area Consents. This document sets out the proposed changes to the guidance and the reasons therefore.
The Consultation Paper may be downloaded by clicking on the below image or link.
How Do I make a Submission?
MARA invites submissions on the proposed revisions to the Financial Capability Assessment Guidance as set out in the above Consultation Paper.
All submissions should be sent to mac@mara.gov.ie before 5pm on Friday 29th November 2024.
Please email an electronic document (searchable PDF or equivalent) with the subject line “Submission on Financial Guidance” to mac@mara.gov.ie before the deadline indicated.