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The Bank Recovery and Resolution (No. 2) Order 2014
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Changes over time for: Section 61
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Changes and effects yet to be applied to Article 61:
- art. 126(8)(a)(vi) word substituted by S.I. 2025/82 Sch. 9 para. 15(c)
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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)
Application and interpretation of Chapter 2U.K.
This section has no associated Explanatory Memorandum
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.
Textual Amendments
F1Words in art. 61(1)(a) 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. 36(2)(a); 2020 c. 1, Sch. 5 para. 1(1)
F2Art. 61(1)(b) 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. 36(2)(b); 2020 c. 1, Sch. 5 para. 1(1)
F3Words in art. 61(2) substituted (31.12.2020) by S.I. 2018/1394, Sch. 3 para. 36(3)(a) (as substituted by The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(2), 77(2))
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