Application and interpretation of Chapter 1
This section has no associated Explanatory Memorandum
59.—(1) This Chapter applies where the Bank draws up a resolution plan for an institution in accordance with Chapter 1 of Part 5, or reviews a resolution plan drawn up in accordance with that Chapter.
(2) In this Chapter “assessment of resolvability” means an assessment of the extent to which it would be feasible and credible to take resolution action(1) or insolvency proceedings in respect of the institution while avoiding to the maximum extent possible any significant adverse effect on the financial system of any EEA State or the continuity of the institution’s critical functions.
(1)
For the meaning of “resolution action” see the recovery and resolution directive, Article 2.1, point (40).