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.