293.Similarly, new section 137K provides that the PRA must consult the Treasury and the Bank before making general rules requiring the preparation of resolution plans. A resolution plan is a plan setting out (i) steps to be taken in the event of it becoming likely that the business will fail or in the event of it failing, and/or (ii) information to facilitate anything that falls to be done in consequence of the failure of the business. Resolution plans might include provisions to ensure that a “data room” can be set up quickly and effectively, or contain information about the simplification of legal structures ahead of a resolution being triggered. Subsection (6) confirms that information that would facilitate planning by the Treasury and the Bank for the exercise of their powers under the Banking Act 2009 is eligible for inclusion in a resolution plan. Where the PRA has made rules requiring the preparation of resolution plans, new section 137M requires it to consult the Treasury and the Bank about the adequacy of the plans prepared.
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