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

Assessment of group resolvability where neither the PRA nor the FCA is the consolidating supervisor

63.—(1) This article applies in relation to a relevant group in respect of which neither the PRA nor the FCA is the consolidating supervisor.

(2) For the purpose of reaching a joint decision on the adoption of a group resolution plan or reviewing a group resolution plan the Bank must make an assessment of group resolvability within the college jointly with the group-level resolution authority(1) and other resolution authorities for group entities.

(3) Where the Bank and the group-level resolution authority are unable to agree a joint assessment, the Bank must—

(a) conclude an assessment of resolvability (within the meaning given in Chapter 1) for every group entity for which the Bank is the resolution authority as if the entity were an institution for which the Bank was required to draw up or review a resolution plan under Chapter 1 or 4 of Part 5; and

(b) for that purpose have regard to the views and reservations of the group-level resolution authority.

(1)

For the meaning of “group-level resolution authority” see the recovery and resolution directive, Article 2.1, point (44).