Search Legislation

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

What Version

 Help about what version
  • Latest available (Revised)
  • Original (As made)

Status:

This is the original version (as it was originally made). This item of legislation is currently only available in its original format.

Requirements for group resolution schemes

This section has no associated Explanatory Memorandum

189.  Where the Bank proposes a group resolution scheme(1) for a relevant group or endeavours to reach a joint decision with other resolution authorities on the adoption of a group resolution scheme proposed by another resolution authority, the Bank, acting jointly with the other authorities concerned, must ensure that the scheme—

(a)takes account of—

(i)the group resolution plan; and

(ii)any resolution plans adopted for group subsidiaries;

(b)is in line with the measures adopted in those plans, except where an assessment of the circumstances indicates that the resolution objectives would be achieved more effectively by different or modified measures;

(c)outlines what resolution action(2) is to be taken by each resolution authority in order to achieve the resolution objectives compatibly with the principles set out in Article 34 of the recovery and resolution directive (general principles governing resolution);

(d)specifies how resolution action by the resolution authorities is to be co-ordinated; and

(e)establishes a financing plan which takes account of—

(i)the principles set out in the group resolution plan for determining how responsibility for financing group resolution would be shared among the EEA States in which group entities were set up by means of contributions from financing arrangements made in accordance with Article 100 of the recovery and resolution directive (requirement to establish resolution financing arrangements); and

(ii)the requirements for mutualisation of national financing arrangements set out in Article 107 of that directive (mutualisation of national financing arrangements in the case of a group resolution).

(1)

For the meaning of “group resolution scheme” see the recovery and resolution directive, Article 2.1, point (45).

(2)

For the meaning of “resolution action” see the recovery and resolution directive, Article 2.1, point (40).

Back to top

Options/Help

Print Options

You have chosen to open The Whole Instrument

The Whole Instrument you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Instrument as a PDF

The Whole Instrument you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open The Whole Instrument without Schedules

The Whole Instrument without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Instrument without Schedules as a PDF

The Whole Instrument without Schedules you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Instrument

The Whole Instrument you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open the Whole Instrument without Schedules

The Whole Instrument without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Memorandum

Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources