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

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Application and interpretation of Chapter 2U.K.

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61.—(1) This Chapter applies where the Bank—

(a)F1... draws up a group resolution plan in accordance with Chapter 2 of Part 5 or reviews a plan drawn up in accordance with that ChapterF1...

F2(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) In this Chapter “assessment of group resolvability” means an assessment of the extent to which it would be feasible and credible to [F3apply the resolution tools or exercise resolution powers in respect of resolution entities, or take] insolvency proceedings in respect of group entities while avoiding to the maximum extent possible any significant adverse effect on the financial system of [F4the United Kingdom] or the continuity of the critical functions of group entities.

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