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

Assessment of plan

12.—(1) The appropriate regulator must assess the recovery plan within six months beginning with the date on which it receives the plan.

(2) Where the institution has a significant branch(1) in another EEA State, the appropriate regulator must assess the recovery plan, so far as it is relevant to the branch, in consultation with the competent authority established in that State.

(3) The appropriate regulator must—

(a) send a copy of the recovery plan to the Bank; and

(b) have regard to any recommendations made by the Bank to address any course of action proposed in the plan which could have an adverse impact on the resolvability of the institution.

(1)

For the meaning of “significant branch” see the recovery and resolution directive, Article 2.1, point (34).