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