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The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018

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This is the original version (as it was originally made).

Preparation of business reorganisation plans after application of bail-in tool: assessment of plan drawn up by an institution

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92.—(1) Article 161 (purpose of assessment) is amended as follows.

(2) In paragraph (3)—

(a)for sub-paragraph (a) substitute—

“(a)the plan must include the details specified in—

(i)section 48H(2) of the Banking Act 2009;

(ii)any technical standards made under paragraph (4)(a);”;

(b)after sub-paragraph (c) insert—

“(d)the arrangements proposed in the plan must be based on realistic assumptions as to the economic and financial market conditions under which the institution will operate;

(e)the plan must take account of the current state of the financial markets and their future prospects, reflecting best-case and worst-case assumptions, including a combination of events allowing the identification of the institution’s main vulnerabilities;

(f)the assumptions made in the plan must be compared with appropriate sector-wide benchmarks;

(g)the plan meets any further criteria specified in technical standards made under paragraph (4)(b).”.

(3) After paragraph (3) insert—

“(4) The Bank may make technical standards specifying—

(a)further details to be included in business reorganisation plans; or

(b)further criteria for the assessment of business reorganisation plans.”.

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