SCHEDULE 3Amendments of the Bank Recovery and Resolution (No.2) Order 2014

I198

1

Article 168 (purpose of assessment) is amended as follows.

2

In paragraph (2) omit the words from “or the Bank” to “assessment of the plan”.

3

In paragraph (3)—

a

for sub-paragraph (a) substitute—

a

the plan must include the details specified in section 48H(2) of the Banking Act 2009;

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 group entities 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 group entities' main vulnerabilities; and

f

the assumptions made in the plan must be compared with appropriate sector-wide benchmarks.