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

Joint assessment of plan

177.—(1) The Bank must assess the business reorganisation plan jointly with other resolution authorities for group entities.

(2) The Bank must endeavour to conclude the assessment within the four month period, and must for this purpose endeavour to reach a joint decision on relevant matters.

(3) Where the Bank concludes a joint assessment of the business reorganisation plan, it must exercise its powers under the Banking Act 2009, so far as necessary, for the purpose of implementing each decision on relevant matters, including a decision to direct a UK group entity to—

(a) submit a revision of the plan; or

(b) make specific changes to the plan.

(4) Where the Bank and the group-level resolution authority—

(a) are able to conclude a joint assessment of the business reorganisation plan, but

(b) are unable to reach a joint decision on whether to require group entities to draw up and submit business reorganisation plans on an individual basis,

the Bank must decide the matter referred to in sub-paragraph (b) for group entities for which it is the resolution authority.

(5) Where the Bank and the group-level resolution authority are unable to conclude a joint assessment of the business reorganisation plan, the Bank must either—

(a) require group entities for which it is the resolution authority to draw up and submit business reorganisation plans on an individual basis; or

(b) require those entities to draw up and submit a single business reorganisation plan for all of them.

(6) Where the Bank requires a single business reorganisation plan to be drawn up and submitted under paragraph (5)(b), the Bank must assess the plan submitted as if it were a business reorganisation plan which the Bank was required to assess jointly with the regulator under Chapter 3.