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

Application and interpretation of Chapter 5

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

(a) neither the PRA nor the FCA is the consolidating supervisor; and

(b) the Bank, having made an assessment of group resolvability in accordance with Chapter 2 jointly with the group-level resolution authority and other resolution authorities for group entities, has identified substantive impediments to the resolvability of a group entity (“the impediments”).

(2) In this Chapter—

“group entity” and “measures for structural change” have the same meaning for the relevant group as they have for a relevant group in Chapter 4;

“the plan” means the group resolution plan being drawn up for the relevant group (or the group resolution plan which has been adopted for the group and is being reviewed);

“pre-resolution powers” has the same meaning as in Chapter 3;

“remedial measures” means measures to address or remove the impediments; and

“report on impediments and remedial measures” means a report prepared by the group-level resolution authority which—

(a)

contains an analysis of the impediments;

(b)

proposes remedial measures for the impediments; and

(c)

examines the impact of the remedial measures on the business of the group entities.