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

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Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).

Failure to reach joint decision: agreement by the Bank with a joint proposal

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49.—(1) This article applies where—

(a)a joint decision on the adoption of a group resolution plan cannot be reached within the four month period; and

(b)the Bank agrees with the group-level resolution authority’s proposal for adopting a group resolution plan.

(2) The Bank must either—

(a)reach a decision jointly with other resolution authorities to adopt a group resolution plan for part of the relevant group; or

(b)notify the group-level resolution authority that it does not wish to adopt a group resolution plan for part of the relevant group.

(3) If the Bank gives notice under paragraph (2)(b), it must draw up and adopt a resolution plan for each group entity for which it is the resolution authority in accordance with article 48 (as if it disagreed with the proposal for adopting a group resolution plan).

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