The Bank Recovery and Resolution (No. 2) Order 2014

Application and interpretation of Chapter 1

159.—(1) This Chapter applies where—

(a) an institution is authorised by the PRA or FCA and is not part of a group subject to supervision on a consolidated basis in accordance with Article 111 of the capital requirements directive;

(b) the Bank has made a resolution instrument under section 12A of the Banking Act 2009(1) (bail-in option) in respect of the institution; and

(c) the management body or resolution administrator submits a business reorganisation plan to the Bank for assessment in accordance with Article 52 of the recovery and resolution directive (business reorganisation plan).

(2) In this Chapter—

“business reorganisation plan” means a plan which sets out measures to restore the long-term viability of the institution or of part of its business;

“management body” means the institution’s management body (within the meaning given by point (7) of Article 3.1 of the capital requirements directive); and

“resolution administrator” means the individual or body corporate appointed by the Bank under section 62B of the Banking Act 2009(2) as the resolution administrator of the institution.

(1)

Section 12A was inserted by the Financial Services (Banking Reform) Act 2013, Schedule 2, paragraphs 1 and 2; and was amended by S.I. 2014/3329.

(2)

Section 62B was inserted by S.I. 2014/3329.