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

The Bank’s duty to draw up group resolution plans

40.—(1) Where every group entity is set up in the United Kingdom, the Bank must draw up and adopt a group resolution plan, and is solely responsible for the plan.

(2) Where a group entity is set up in another EEA State, the Bank must endeavour within the college to draw up and adopt a group resolution plan jointly with the resolution authority for that entity.

(3) Subject to the imposition of any simplified obligations (within the meaning given by article 9(3)(b)) with respect to a group resolution plan, the plan must contain the information, and be drawn up with regard to the considerations, set out in Schedule 2.

(4) The resolution plan must be drawn up on the basis of—

(a) the information provided for that purpose by a group entity set up in the United Kingdom or by the appropriate regulator; and

(b) any other relevant information.

(5) For the purpose of drawing up a group resolution plan, the Bank must consult—

(a) the appropriate regulator;

(b) each relevant competent authority; and

(c) so far as the plan is relevant to a significant branch which an institution within the relevant group has in another EEA State, the resolution authority established in that State.

(6) A group resolution plan must not have a disproportionate impact on any EEA State.

(7) For the purpose of drawing up a group resolution plan, so far as the plan is relevant to—

(a) a subsidiary within the relevant group which is set up in a third country, or

(b) an institution within the relevant group which has a significant branch in a third country,

the Bank may consult the authorities which, in the country concerned, exercise any function equivalent to a function of a resolution authority or competent authority.