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

Use of an existing resolution college

198.—(1) Article 196(1) does not apply where the Bank and other resolution authorities concerned—

(a) are satisfied that an existing grouping or college of resolution authorities and other persons, including a resolution college established for a relevant group—

(i) could facilitate the performance of the functions and tasks of a European resolution college; and

(ii) would, if used for that purpose, observe in all material respects the same requirements relating to membership, participation, functioning and information exchange as a newly established European resolution college; and

(b) decide that the existing grouping or college is to be used for that purpose.

(2) Where paragraph (1) applies, this Chapter, except article 196(1), applies in relation to the existing grouping or college, where it is used to facilitate the performance of the tasks of a European resolution college, but has effect for that purpose as if each reference to the European resolution college were a reference to the existing grouping or college.