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

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Recovery plans

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2.—(1) Section 137J(1) (rules about recovery plans: duty to consult) is amended as follows.

(2) In subsection (1) for “each”, in both places where it appears, substitute “a”.

(3) For subsections (2) to (5) substitute—

(2) “Relevant person” means—

(a)an institution authorised in the UK; or

(b)a qualifying parent undertaking within the meaning given by section 192B(2).

(3) A “recovery plan” is a document which provides for measures to be taken—

(a)by an institution authorised in the UK which is not part of a group, following a significant deterioration of the financial position of the institution, in order to restore its financial position; or

(b)in relation to a group, to achieve the stabilisation of the group as a whole, or of any institution within the group, where the group or institution is in a situation of financial stress, in order to address or remove the causes of the financial stress and restore the financial position of the group or institution.

(4) For the purposes of subsection (3)(a) the definition of “group” in section 421 applies with the omission of subsection (1)(e) and (f) of that section..

(4) In subsection (6), after the definition of “authorised person”, insert—

“institution” means—

(a)

a credit institution within the meaning given by Article 2.1(2) of Directive 2014/59/EU of the European Parliament and of the Council of 15th May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms(3); or

(b)

an investment firm within the meaning given by Article 2.1(3) of that directive;

“institution authorised in the UK” means an institution which is an authorised person and—

(a)

a bank within the meaning given by section 2 of the Banking Act 2009(4);

(b)

a building society within the meaning given in section 119 of the Building Societies Act 1986(5); or

(c)

an investment firm within the meaning given by section 258A(6) of the Banking Act 2009;.

(1)

Section 137J was substituted by the Financial Services Act 2012, section 24(1).

(2)

Section 192B was inserted by the Financial Services Act 2012, section 27. For Condition C (a parent undertaking must be a financial institution of a prescribed kind (section 192B(4)) see S.I. 2013/165.

(3)

OJ No. L 173, 12.6.2014, p. 190.

(4)

Section 2 was amended by the Financial Services Act 2012, sections 101(1) and (3) and 102(1) and (3) and Schedule 17, paragraph 3, and by S.I. 2011/2832.

(6)

Section 258A was inserted by the Financial Services Act 2012, section 101(1) and (7). See S.I. 2014/1832, which was made under subsection (2)(b). No other order has been made under that subsection.

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