http://www.legislation.gov.uk/uksi/2016/1239/article/20The Bank Recovery and Resolution Order 2016texttext/xmlenStatute Law DatabaseBANKS AND BANKINGFINANCIAL SERVICES AND MARKETS2024-02-15Expert Participation2023-12-14 This Order implements in part Directive 2014/59/EU of the European Parliament and of the Council of 15th May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms (OJ L173, 12.6.2014, p.190) (“recovery and resolution directive”). The recovery and resolution directive requires EEA states to have powers to manage the failure of credit institutions and investment firms and their group companies as an alternative to insolvency, in order to ensure that critical functions continue to be performed. The Bank Recovery and Resolution Order 2016 PART 2 CHAPTER 120In section 84(b) (application of Part 1: general) —afor “84A” substitute “ 84ZA ”;bfor “fourth stabilisation option” substitute “ second and fourth stabilisation options ”.Section 84 was amended by section 21 of the Financial Services Act 2010, S.I. 2014/3329 and S.I. 2014/3344.