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

Application and interpretation of Chapter 1

11.—(1) This Chapter applies where an institution—

(a) is authorised by the PRA or FCA and is not part of a group subject to supervision on a consolidated basis in accordance with Article 111 of the capital requirements directive; and

(b) submits a recovery plan to the appropriate regulator for assessment in accordance with Article 6 of the recovery and resolution directive (assessment of recovery plans).

(2) In this Chapter “relevant measures” means measures to maintain or restore the viability and financial position of the institution, including measures to—

(a) reduce its risk profile, including its liquidity risk profile;

(b) review its structure and strategy;

(c) enable it to undertake timely recapitalisation;

(d) change its funding strategy in order to improve the resilience of core business lines and critical functions; and

(e) change its governance structure.