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The Bank Recovery and Resolution (No. 2) Order 2014
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Changes over time for: SCHEDULE 2
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Changes to legislation:
The Bank Recovery and Resolution (No. 2) Order 2014, SCHEDULE 2 is up to date with all changes known to be in force on or before 22 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Changes and effects yet to be applied to Schedule 2:
- art. 126(8)(a)(vi) word substituted by S.I. 2025/82 Sch. 9 para. 15(c)
Changes and effects yet to be applied to the whole Instrument associated Parts and Chapters:
Whole provisions yet to be inserted into this Instrument (including any effects on those provisions):
- art. 126(8)(a)(vi) word substituted by S.I. 2025/82 Sch. 9 para. 15(c)
Article 40(3)
SCHEDULE 2U.K.Information to be contained in a group resolution plan
This
Atodlen has no associated
Memorandwm Esboniadol
The context for resolution actionU.K.
1.—(1) In drawing up a group resolution plan the Bank must have regard to the different circumstances under which group entities may meet the conditions for resolution.
(2) The circumstances to which the Bank must have regard include the following—
(a)that there is a situation of widespread financial instability or an occurrence of events which pose systemic risk; and
(b)that there is no such a situation or occurrence.
(3) In drawing up a group resolution plan the Bank must not assume that any group entity will be in receipt of—
(a)extraordinary public financial support other than financing arrangements made in accordance with [F1section 228 or 229 of the Banking Act 2009];
(b)emergency liquidity assistance M1; or
(c)any other liquidity assistance provided by the Bank or any other central bank under non-standard collateralisation, tenor and interest rate terms.
Textual Amendments
F1Words in Sch. 2 para. 1(3)(a) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 118(2); 2020 c. 1, Sch. 5 para. 1(1)
Marginal Citations
M1For the meaning of “emergency liquidity assistance” see the recovery and resolution directive, Article 2.1, point (29).
Contents of group resolution planU.K.
2. A group resolution plan must—
(a)set out the resolution [F2tools that would be applied, the resolution powers that would be exercised] or insolvency proceedings that would be taken in respect of [F3each resolution entity in the relevant group];
[F4(b)set out the implications of sub-paragraph (a) for—
(i)the other group entities in the same resolution group as the resolution entity; and
(ii)any other resolution group in the relevant group;]
(c)include a consideration of measures for facilitating the purchase by a third party of the relevant group as a whole or of separate business lines or activities delivered by any group entity [F5or any resolution group];
(d)identify and assess potential impediments in relation to the relevant group as a whole to—
(i)the co-ordination of [F6the application of resolution tools or the exercise of resolution powers];
(ii)the effectiveness of [F6the application of resolution tools or the exercise of resolution powers] or the achievement of the resolution objectives;
(e)where any subsidiary within the relevant group is set up in a third country, set out—
(i)arrangements for co-ordinating [F7the application of resolution tools or the exercise of resolution powers], and co-operating, with the authorities which, in the country concerned, exercise any function equivalent to a function of [F8the Bank under Part 1 of the Banking Act 2009 or a] competent authority; and
(ii)the implications of such co-ordination for the resolution M2 of that subsidiary and group entities;
(f)set out measures which the Bank considers it would be necessary to take to facilitate group resolution M3, including by the legal or economic separation of specified functions or business lines of [F9resolution entities];
(g)set out any other measures which the Bank would take or considers it would be necessary to take to facilitate group resolution in respect of [F10each resolution group in] the relevant group;
(h)a detailed description of the assessment of resolvability made in respect of the relevant group in accordance with Chapter 2 of Part 6; [F11and]
(i)explain how the [F12application of resolution tools or the exercise of resolution powers] set out in the plan could be financed (without the assumption that any group entity would be in receipt of the support or assistance referred to in paragraph 1(3))F13...
F14(j). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F2Words in Sch. 2 para. 2(a) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 118(3)(a); 2020 c. 1, Sch. 5 para. 1(1)
F3Words in Sch. 2 para. 2(a) substituted (28.12.2020) by The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(2), 59(a)
F4Sch. 2 para. 2(b) substituted (28.12.2020) by The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(2), 59(b)
F5Words in Sch. 2 para. 2(c) inserted (28.12.2020) by The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(2), 59(c)
F6Words in Sch. 2 para. 2(d)(i)(ii) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 118(3)(b); 2020 c. 1, Sch. 5 para. 1(1)
F7Words in Sch. 2 para. 2(e)(i) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 118(3)(c)(i); 2020 c. 1, Sch. 5 para. 1(1)
F8Words in Sch. 2 para. 2(e)(i) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 118(3)(c)(ii); 2020 c. 1, Sch. 5 para. 1(1)
F9Words in Sch. 2 para. 2(f) substituted (28.12.2020) by The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(2), 59(d)
F10Words in Sch. 2 para. 2(g) inserted (28.12.2020) by The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(2), 59(e)
F11Word in Sch. 2 para. 2(h) added (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 118(3)(d); 2020 c. 1, Sch. 5 para. 1(1)
F12Words in Sch. 2 para. 2(i) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 118(3)(e)(i); 2020 c. 1, Sch. 5 para. 1(1)
F13Word in Sch. 2 para. 2(i) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 118(3)(e)(ii); 2020 c. 1, Sch. 5 para. 1(1)
F14Sch. 2 para. 2(j) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 118(3)(f); 2020 c. 1, Sch. 5 para. 1(1)
Marginal Citations
M2For the meaning of “resolution” see the recovery and resolution directive, Article 2.1, point (1).
M3For the meaning of “group resolution” see the recovery and resolution directive, Article 2.1, point (42).
F153. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.
Textual Amendments
[F164. In this Schedule, “group resolution” means—U.K.
(a)the taking of resolution action at the level of—
(i)a parent undertaking; or
(ii)an institution,
which forms part of a group that is subject to consolidated supervision in accordance with [F17the capital requirements regulation and CRR rules]; or
(b)the co-ordination of the application of resolution tools and the exercise of resolution powers by the Bank in relation to resolution entities that meet the conditions for resolution.]
Textual Amendments
F16Sch. 2 para. 4 added (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 118(5) (as amended by S.I. 2020/1350, regs. 1(2), 77(7)); 2020 c. 1, Sch. 5 para. 1(1)
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