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

Application and interpretation of Chapter 4

199.—(1) This Chapter applies where, in relation to a relevant group—

(a) the PRA or FCA is the consolidating supervisor; and

(b) the Bank gives a relevant notice or receives a relevant notice from another resolution authority.

(2) In this Chapter—

“the failing subsidiary” means the group subsidiary named in a relevant notice;

“relevant assessment”, in relation to notified measures, means an assessment of the impact that the measures would have on other group entities, including an assessment of whether the measures would make it likely that a group entity set up in an EEA State other than the State in which the failing subsidiary is set up would meet the conditions for resolution; and

“relevant notice” means a notice which—

(a)

communicates to the members of the college a decision that a group subsidiary meets the conditions for resolution; and

(b)

proposes measures for taking resolution action or insolvency proceedings in respect of that subsidiary (“notified measures”).