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

Changes over time for: Section 28

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28.—(1) The purpose of the assessment of the group recovery plan is to determine whether the plan meets the criteria for assessment and decide other relevant matters.

(2) The criteria for assessment, subject to the imposition of any simplified obligations imposed by the consolidating supervisor under Article 4 of the recovery and resolution directive (simplified obligations for certain institutions), are that—

(a)the plan must satisfy the requirements of Articles 5 and 9 of that directive (recovery plans and recovery plan indicators); and

(b)the arrangements proposed in the plan—

(i)would, if implemented, be reasonably likely to maintain or restore the viability and financial position of group institutions; and

(ii)would be reasonably likely to be implemented quickly and effectively in situations of financial stress and, as far as possible, without any material adverse impact on the financial system of any EEA State.

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