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

Duty to establish a resolution college

191.—(1) Subject to article 194, the Bank must establish a resolution college for the relevant group in order to—

(a) facilitate the performance of the Bank’s duties as the group-level resolution authority(1);

(b) facilitate the performance of the tasks set out in paragraph (2);

(c) ensure that there is appropriate co-operation and co-ordination with the authorities established in third countries which exercise any function equivalent to a function of a resolution authority; and

(d) provide a forum for the discussion of issues relating to cross-border group resolution(2).

(2) The resolution college is to facilitate the performance of the following tasks by its members—

(a) exchanging information which is relevant for the drawing up a group resolution plan, for taking preparatory and preventative measures and for group resolution;

(b) drawing up a group resolution plan pursuant to Articles 12 and 13 of the recovery and resolution directive (group resolution plans);

(c) assessing the resolvability of the relevant group pursuant to Article 16 of that directive (assessment of resolvability for groups);

(d) exercising powers to address or remove impediments to the resolvability of the relevant group pursuant to Article 18 of that directive (powers to address or remove impediments to resolvability: group treatment);

(e) deciding on the need to make a group resolution scheme pursuant to Article 91 or 92 of that directive (group resolution involving a subsidiary of the group);

(f) reaching agreement on proposals for a group resolution scheme;

(g) co-ordinating public communication about the strategy for group resolution, including any group resolution scheme;

(h) co-ordinating the use of financing arrangements established under Title VII of the recovery and resolution directive (financing arrangements); and

(i) setting minimum requirements for own funds and eligible liabilities for the relevant group and for group subsidiaries pursuant to Article 45 of that directive (application of the minimum requirement).

(1)

For the meaning of “group-level resolution authority” see the recovery and resolution directive, Article 2.1, point (44).

(2)

For the meaning of “group resolution” see the recovery and resolution directive, Article 2.1, point (42).