SCHEDULE 3Amendments of the Bank Recovery and Resolution (No.2) Order 2014
Information to be contained in a group resolution plan118
1
Schedule 2 is amended as follows.
2
In paragraph 1(3)(a) for the words from “Article 100” to the end substitute “section 228 or 229 of the Banking Act 2009”.
3
In paragraph 2—
a
in sub-paragraph (a) for “action” substitute “tools that would be applied, the resolution powers that would be exercised”;
b
in sub-paragraphs (d)(i) and (ii) for “resolution action” in both cases substitute “the application of resolution tools or the exercise of resolution powers”;
c
in sub-paragraph (e)(i)—
i
for “resolution action” substitute “the application of resolution tools or the exercise of resolution powers”;
ii
for “a resolution authority or” substitute “the Bank under Part 1 of the Banking Act 2009 or a”;
d
at the end of sub-paragraph (h) add “and”;
e
in sub-paragraph (i)—
i
for “resolution action” substitute “application of resolution tools or the exercise of resolution powers”; and
ii
omit “; and”;
f
omit sub-paragraph (j).
4
Omit paragraph 3.
5
At the end of the Schedule add—
4
In this Schedule, “group resolution” means—
a
the taking of resolution action at the level of—
i
a parent undertaking; or
ii
an institution,
which forms part of a group that is subject to consolidated supervision in accordance with Part 6 of the Capital Requirements Regulations 2013; or
b
the co-ordination of the application of resolution tools and the exercise of resolution powers by the Bank in relation to group entities that meet the conditions for resolution.