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

Interpretation of Chapter 4

101.—(1) In this Chapter—

“college members” means the members of the college and of the supervisory college(1) established for the group;

“conditions for financial support” has the same meaning as in Chapter 1;

“financial support” has the same meaning as in Chapter 1;

“group entity” means a relevant parent undertaking or group subsidiary which has entered into a group financial support agreement authorised by the PRA, FCA or other competent authority (“the agreement”);

“intended recipient” means the group institution named in a relevant notice as the recipient of the financial support referred to in the notice;

“notifying group entity” means the group entity which has given a relevant notice;

“relevant competent authority” means a competent authority, other than the consolidating supervisor, which has authorised a group entity;

“relevant notice” means notice given by a group entity in accordance with Article 25 of the recovery and resolution directive (right of opposition of competent authorities) of an intention to provide financial support under the agreement; and

“UK group entity” means a group entity set up in the United Kingdom.

(2) In this article, for the interpretation of “group entity” and “intended recipient”, the expressions “group subsidiary”, “group financial support agreement”, “group institution” and “relevant parent undertaking” have the meaning given in Chapter 1.

(1)

For the meaning of “supervisory college” see the recovery and resolution directive, Article 2.1, point (52).