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

Information exchange U.K.

188.—(1) This article applies where, in relation to a relevant group—

(a) a resolution college M1 is established by the Bank in accordance with this Part or by another resolution authority;

(b) a European resolution college M2 is established jointly by the Bank and other resolution authorities; or

(c) an existing grouping, resolution college or European resolution college is used to facilitate the performance of the tasks which would otherwise be performed by a newly established resolution college or European resolution college.

(2) Where the Bank establishes the college or decides that an existing grouping or college is to be used to facilitate the performance of the tasks that a newly established college would otherwise perform, the Bank is responsible for co-ordinating the flow of information among members of the college or grouping, and must provide in a timely manner such information as is required to facilitate the performance of tasks by the members.

(3) The Bank, the PRA and the FCA must, so far as they are able to do so, meet any request by other resolution authorities and competent authorities which are members of the college or grouping for information which is relevant to the performance of any tasks or functions of those members under the recovery and resolution directive.

(4) The Bank must provide the Treasury with information which—

(a) is relevant to the performance of tasks by the members of the college or grouping; and

(b) either—

(i) relates to a decision which requires the Treasury's consent or a decision or matter which is subject to consultation with the Treasury or must be notified to the Treasury; or

(ii) may have an implication for public funds.

(5) Where the Bank receives any information for the purposes of the recovery and resolution directive from an authority in a third country, it may not disclose that information without the consent of that authority.

(6) This article does not require any information to be disclosed if its disclosure—

(a) by the PRA or FCA, would be contrary to section 348 of FSMA; or

(b) by the Bank, would be contrary to that section as applied for the purposes of Part 1 of the Banking Act 2009 (with modifications) by section 89L of that Act.

Marginal Citations

M1 For the meaning of “resolution college” see the recovery and resolution directive, Article 2.1, point (46).

M2 For the meaning of “European resolution college” see Article 89.1 of the recovery and resolution directive.