The appropriate regulator must assess the recovery plan within six months beginning with the date on which it receives the plan.

Where the institution has a significant branch M29 in another EEA State, the appropriate regulator must assess the recovery plan, so far as it is relevant to the branch, in consultation with the competent authority established in that State.

This article has effect subject to the imposition of any simplified obligations (within the meaning given by article 9(3)(a)) with respect to the recovery plan.

If the appropriate regulator requires the institution to revise the recovery plan, it must allow the institution two months, which it may on application by the institution extend to three months, to prepare a plan which demonstrates that the deficiency or other impediment has been addressed.

This article does not require any information contained in the group recovery plan to be disclosed if its disclosure would be contrary to section 348 of FSMA M30 (restrictions on disclosure of confidential information by FCA, PRA etc).

Where every group institution is a UK authorised person, the appropriate regulator must assess the group recovery plan, and is solely responsible for the assessment.

Where any group institution is set up in another EEA State, the appropriate regulator must assess the group recovery plan jointly with the competent authority for that institution and in consultation with EBA.

Where a group institution has a significant branch in another EEA State, the assessment must be made, so far as information contained in the plan is relevant to the branch, in consultation with the competent authority established in that State.

The purpose of the assessment of the group recovery plan is to determine whether the plan meets the criteria for assessment and decide other relevant matters.

This article has effect subject to the imposition of any simplified obligations (within the meaning given by article 9(3)(a)) with respect to the group recovery plan.

This article applies where the appropriate regulator assesses the group recovery plan jointly with one or more relevant competent authorities.

The appropriate regulator must endeavour to conclude the assessment within the four month period, and must for this purpose endeavour to reach a joint decision on relevant matters.

The appropriate regulator must give written notice of each decision under this article to the group entity which submitted the group recovery plan for assessment and each relevant competent authority.

If the appropriate regulator requires a UK group entity to revise the plan, it must allow the entity two months, which it may on application by the entity extend to three months, to prepare a plan which demonstrates that the impediment has been addressed.

For the purposes of a reference to EBA of a matter to which this article refers the four month period is deemed to be the conciliation phase referred to in Article 19.2 of the EBA Regulation.

The purpose of the assessment of the group recovery plan is to determine whether the plan meets the criteria for assessment and decide other relevant matters.

The appropriate regulator must assess the group recovery plan jointly with other relevant competent authorities and the consolidating supervisor and in consultation with EBA.

The appropriate regulator must endeavour to conclude the assessment within the four month period, and must for this purpose endeavour to reach a joint decision on relevant matters.

Where the appropriate regulator requires a single recovery plan to be drawn up and submitted under paragraph (5)(b), the appropriate regulator must assess the plan submitted as if it were a group recovery plan for whose assessment the appropriate regulator was solely responsible under Chapter 2.

For the purposes of a reference to EBA of a matter to which this article refers the four month period is deemed to be the conciliation phase referred to in Article 19.2 of the EBA Regulation.

This article applies where a recovery plan drawn up by an institution has been assessed under Chapter 1, including that Chapter as applied by article 24 or 30.

Where the appropriate regulator considers that the plan ought to be reassessed following a decision by a competent authority to prohibit or restrict the provision of financial support under an authorised agreement (within the meaning given in Chapter 4 of Part 7), it may require the institution to review the recovery plan and make any appropriate amendment.

For the purposes of any review of the recovery plan the appropriate regulator may make a determination under article 7(3).

For the purposes of this article Part 3 and Chapter 1 have effect with the modifications specified in the table—

In this article “up-dated plan” means the recovery plan after it has been reviewed pursuant to this article (whether or not it has been amended on review).

This article applies where, in relation to a relevant group, a group recovery plan has been assessed under Chapter 2.

Where the appropriate regulator considers that the plan ought to be reassessed following a decision by a competent authority to prohibit or restrict the provision of financial support under an authorised agreement (within the meaning given in Chapter 4 of Part 7), it may require a UK group entity to review the plan and make any appropriate amendment.

For the purposes of any review of the plan the appropriate regulator may make a determination under article 7(3).

Where a group entity submits an up-dated plan for assessment, the appropriate regulator must assess that plan in accordance with Chapter 2.

For the purposes of this article Part 3 and Chapter 2 have effect with the modifications specified in the table—

This article applies where, in relation to a relevant group, a group recovery plan has been assessed under Chapter 3.

The appropriate regulator must endeavour to reach a joint decision on the assessment of an up-dated plan as if it were a group recovery plan of which the appropriate regulator has received a copy for assessment under Chapter 3.

The appropriate regulator must make the assessment in accordance with that Chapter, which has effect for that purpose with the modifications specified in the table—

The Bank must draw up and adopt a resolution plan for each relevant institution.

Subject to the imposition of any simplified obligations (within the meaning given by article 9(3)(b)) with respect to a resolution plan, the plan must contain the information, and be drawn up with regard to the considerations, set out in Schedule 1.

The resolution plan must be drawn up on the basis of the information provided for that purpose by the relevant institution or the appropriate regulator and any other relevant information.

The Bank must provide the relevant institution with a summary of the key elements of the resolution plan.

Where every group entity is set up in the United Kingdom, the Bank must draw up and adopt a group resolution plan, and is solely responsible for the plan.

Where a group entity is set up in another EEA State, the Bank must endeavour within the college to draw up and adopt a group resolution plan jointly with the resolution authority for that entity.

Subject to the imposition of any simplified obligations (within the meaning given by article 9(3)(b)) with respect to a group resolution plan, the plan must contain the information, and be drawn up with regard to the considerations, set out in Schedule 2.

A group resolution plan must not have a disproportionate impact on any EEA State.

This article does not require any information to be disclosed if its disclosure would be contrary to section 348 of FSMA as applied for the purposes of Part 1 of the Banking Act 2009 (with modifications) by section 89L of that Act M31 (restrictions on disclosure of confidential information).

Where the Bank endeavours to reach a decision on the adoption of a group resolution plan jointly with one or more other resolution authorities under article 40(2), it must endeavour to reach that decision within four months beginning with the date on which it transmits information under article 41 (“the four month period”).

Where another resolution authority (apart from authority A) notifies the Bank that it does not wish to adopt a group resolution plan for part of the relevant group, the Bank must ensure that every group entity for which that authority is the resolution authority is excluded from the scope of the group resolution plan.

The Bank must give the EEA parent undertaking written notice of the adoption of a group resolution plan under this article, including a reasoned account of the decision to adopt the plan.

Where a joint decision on the adoption of a group resolution plan is reached within the four month period, the Bank must initiate a reassessment of the plan, including minimum requirements for own funds and eligible liabilities, if one of the resolution authorities (including the Bank) considers that a matter of disagreement about the plan which arose during the four month period impinges on the fiscal responsibilities of the EEA State of which it is the resolution authority.

For the purposes of a reference to EBA of a matter to which this article refers the four month period is deemed to be the conciliation phase referred to in Article 19.2 of the EBA Regulation.

The Bank may ask EBA to assist the resolution authorities in accordance with Article 31(c) of the EBA Regulation to reach a joint decision on the adoption of a group resolution plan.

This Chapter applies where neither the PRA nor the FCA is the consolidating supervisor in relation to a relevant group.

In this Chapter “relevant college member” means a member of the college, other than the Bank, which is a resolution authority or competent authority.

The Bank must endeavour to reach a decision on the adoption of a group resolution plan jointly with the group-level resolution authority M32 and other resolution authorities for group entities.

The Bank must endeavour to reach that decision within four months beginning with the date on which the Bank receives information transmitted for the purpose of enabling it to draw up the plan jointly with the group-level resolution authority (“the four month period”).

If the Bank gives notice under paragraph (2)(b), it must draw up and adopt a resolution plan for each group entity for which it is the resolution authority in accordance with article 48 (as if it disagreed with the proposal for adopting a group resolution plan).

For the purposes of a reference to EBA of a matter to which this article refers the four month period is deemed to be the conciliation phase referred to in Article 19.2 of the EBA Regulation.

For the purposes of a review of a resolution plan the Bank may make a determination under article 8(3).

For the purposes of this article Part 3 and Chapter 1 have effect with the modifications specified in the table—

For the purposes of a review of a group resolution plan the Bank may make a determination under article 8(3).

The Bank must review a group resolution plan and adopt the up-dated plan in accordance with Chapter 2.

For the purposes of this article Part 3 and Chapter 2 have effect with the modifications specified in the table—

The Bank must endeavour to reach a joint decision on the review of the plan and the adoption of the up-dated plan.

For that purpose Chapter 3 has effect with the modifications specified in the table—

In this article “up-dated plan”, in relation to a group resolution plan, means that plan as reviewed in accordance with this article (whether or not it has been amended on review).

The regulator must provide the Bank with all information contained in a resolution pack prepared by a relevant person in accordance with rules made by the regulator under FSMA.

This article does not require any information to be disclosed if its disclosure would be contrary to section 348 of FSMA.

The Bank may give directions to a relevant person in relation to maintaining detailed records of financial contracts M35 to which the relevant person is a party.

Directions may be given with general effect or with respect to a particular relevant person or class of relevant persons, but may not specify different time-limits for different relevant persons or classes of relevant person.

This Chapter applies where the Bank draws up a resolution plan for an institution in accordance with Chapter 1 of Part 5, or reviews a resolution plan drawn up in accordance with that Chapter.

In this Chapter “assessment of resolvability” means an assessment of the extent to which it would be feasible and credible to take resolution action M36 or insolvency proceedings in respect of the institution while avoiding to the maximum extent possible any significant adverse effect on the financial system of any EEA State or the continuity of the institution's critical functions.

For the purpose of drawing up or reviewing the resolution plan the Bank must make an assessment of resolvability.

Paragraph (2) has effect subject to the imposition of any simplified obligations (within the meaning given by article 9(3)(b)) with respect to the assessment of resolvability.

The institution is deemed to be resolvable if the Bank concludes that it would be feasible and credible to take resolution action or insolvency proceedings in respect of the institution while avoiding to the maximum extent possible any significant adverse effect on the financial system of any EEA State or the continuity of the institution's critical functions.

The Bank must notify EBA without delay if the institution is not deemed to be resolvable.

In this Chapter “assessment of group resolvability” means an assessment of the extent to which it would be feasible and credible to take resolution action or insolvency proceedings in respect of group entities while avoiding to the maximum extent possible any significant adverse effect on the financial system of any EEA State or the continuity of the critical functions of group entities.

This article applies in relation to a relevant group in respect of which the PRA or FCA is the consolidating supervisor.

For the purpose of drawing up or reviewing a group resolution plan the Bank must make an assessment of group resolvability.

Paragraph (3) has effect subject to the imposition of any simplified obligations (within the meaning given by article 9(3)(b)) with respect to the assessment of group resolvability.

The relevant group is deemed to be resolvable if the Bank concludes that it would be feasible and credible to take resolution action or insolvency proceedings in respect of group entities while avoiding to the maximum extent possible any significant adverse effect on the financial system of any EEA State or the continuity of the critical functions of group entities.

The Bank must notify EBA without delay if the relevant group is not deemed to be resolvable.

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

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 M38 and other resolution authorities for group entities.

This Chapter applies where the Bank, after consulting the appropriate regulator and having made an assessment of resolvability in accordance with Chapter 1, determines that there are substantive impediments to the resolvability of an institution (“the impediments”).

A notice under article 65 has the effect of suspending the Bank's duty to draw up a resolution plan for the institution (or review the resolution plan adopted for the institution) until the Bank has approved relevant proposals or exercised pre-resolution powers.

The Bank, after consulting the appropriate regulator, must assess whether the measures set out in relevant proposals would adequately address or effectively remove the impediments.

The Bank must consult the appropriate regulator and, where appropriate, the Financial Policy Committee before determining remedial measures.

The Bank must give the institution written notice of the remedial measures, including a reasoned account of its decision to require the institution to take those measures.

Part 9 of FSMA (hearings and appeals) has effect in relation to a reference to the Tribunal under paragraph (1) as if it were a reference of a decision of the Bank under FSMA.

Where every group entity is set up in the United Kingdom, the submission of the Bank's report under article 69 has the effect of suspending the Bank's duty to draw up or review the plan until the Bank determines remedial measures under article 71(3)(c).

Where the plan is being drawn up or reviewed by the Bank jointly with other resolution authorities, the submission of the Bank's report under article 69 has the effect of suspending the Bank's duty to endeavour to reach a joint decision on the adoption or review of the plan.

That duty is revived when a joint decision is reached on the determination of remedial measures.

The EEA parent undertaking may, within four months beginning with the date on which it receives the Bank's report, submit to the Bank its observations on the report and a proposal to take alternative remedial measures (“alternative proposal”).

The Bank must send such observations and any alternative proposal to each of the authorities to which it submitted its report.

The Bank must consult the appropriate regulator and, where appropriate, the Financial Policy Committee before determining remedial measures under paragraph (3)(c).

Paragraphs (8) and (9) apply where remedial measures determined under paragraph (3) or (4) are to be implemented by a group entity set up in the United Kingdom.

The Bank must exercise pre-resolution powers with the object of requiring the entity to take the remedial measures.

The Bank must give the EEA parent undertaking written notice of a decision under this article, including a reasoned account of the decision.

For the purposes of a reference to EBA of a matter to which this article refers the period for joint decision is deemed to be the conciliation phase referred to in Article 19.2 of the EBA Regulation.

The receipt by the Bank of a report on impediments and remedial measures has the effect of suspending the Bank's duty to endeavour to reach a decision, jointly with other resolution authorities, on the adoption or review of the plan.

That duty is revived when a joint decision is reached on the determination of remedial measures.

Paragraphs (5) and (6) apply where remedial measures determined under paragraph (2) are to be implemented by a group entity set up in the United Kingdom.

The Bank must exercise pre-resolution powers with the object of requiring the entity to take the remedial measures.

The Bank must exercise pre-resolution powers with the object of requiring any entity for which it is the resolution authority to take specified measures (“the measures”) to address or remove the impediments so far as they concern that entity.

The Bank must consult the appropriate regulator and, where appropriate, the Financial Policy Committee before determining the measures.

The Bank must give the entity written notice of the measures, including a reasoned account of its decision to require the entity to take the measures.

If the Bank gives notice under paragraph (2)(b), it must determine measures to address or remove the impediments so far as they concern any group entity for which it is the resolution authority in accordance with article 79 (as if it disagreed with the group-level resolution authority about relevant matters).

For the purposes of a reference to EBA of a matter to which this article refers the period for joint decision is deemed to be the conciliation phase referred to in Article 19.2 of the EBA Regulation.

The appropriate regulator must review the group financial support agreement jointly with the relevant competent authorities.

The matter referred to in paragraph (2)(a) is to be determined having regard to the potential impact of the agreement, if it is concluded, on the financial stability of any EEA State in which a group entity conducts business.

The appropriate regulator must otherwise grant the application.

The appropriate regulator must send a copy of the application or, where paragraph (2) has effect in relation to any information, of the application without that information, without delay to each relevant competent authority.

This article does not require any information contained in the application to be disclosed if its disclosure would be contrary to section 348 of FSMA.

The appropriate regulator must endeavour to reach a joint decision on the outcome of the review within four months beginning with the date on which it receives the application (“the four month period”).

Where a joint decision cannot be reached within the four month period, the appropriate regulator must decide the outcome of the review having regard to the views and reservations of the relevant competent authorities.

The appropriate regulator must give the EEA parent undertaking and each relevant competent authority written notice of a decision on the outcome of the review, including a reasoned account of the decision.

For the purposes of a reference to EBA of a matter to which this article refers the four month period is deemed to be the conciliation phase referred to in Article 19.2 of the EBA Regulation.

If the EEA parent undertaking submits to the appropriate regulator an application for authorisation of the amendment (“the amendment application”), the appropriate regulator must treat the amendment application as if it were an application for authorisation of a group financial support agreement.

The appropriate regulator must review the group financial support agreement jointly with other relevant competent authorities and the consolidating supervisor.

The matter referred to in paragraph (2)(a) is to be determined having regard to the potential impact of the agreement, if it is concluded, on the financial stability of any EEA State in which a group entity conducts business.

If the consolidating supervisor notifies the appropriate regulator that the EEA parent undertaking has submitted an application for authorisation of the amendment (“the amendment application”), the appropriate regulator must treat the amendment application as if it were an application submitted to the consolidating supervisor for authorisation of a group financial support agreement.

In this article, for the interpretation of “UK group entity”, the expressions “group subsidiary” and “relevant parent undertaking” have the meaning given in Chapter 1.

An authorised agreement entered into by a UK group entity is only valid in respect of that entity if its members have approved the agreement in accordance with this article.

This article applies where a UK group entity has entered into an authorised agreement which has been approved in accordance with article 98.

The authorised agreement remains valid in respect of the UK group entity for as long as the members of the entity have not revoked their approval in accordance with this article.

The directors of the UK group entity which has entered into an authorised agreement must prepare an annual report on the performance of the agreement and the implementation of any decision taken pursuant to it.

The directors must deliver a copy of the annual report to every member of the entity, electronically or by other means, no later than the first and each subsequent anniversary of the date on which the entity enters into the agreement.

In this article, for the interpretation of “group entity” and “intended recipient”, the expressions “group subsidiary”, “group financial support agreement”, “group institution” and “relevant parent undertaking” have the meaning given in Chapter 1.

This article applies where the PRA or FCA is the consolidating supervisor.

Where the appropriate regulator receives notice of a decision by a relevant competent authority to agree, prohibit or restrict the provision of financial support to which a relevant notice refers, the appropriate regulator must inform the other college members of that decision without delay.

Where the appropriate regulator receives notice of a notifying group entity's decision to provide financial support pursuant to the relevant notice, the appropriate regulator must inform the other college members of that decision without delay.

Where the group recovery plan refers to the provision of group financial support, the regulator may ask the consolidating supervisor for a re-assessment of the plan.

Where the intended recipient has drawn up a recovery plan on an individual basis, the regulator must consider whether to require that plan to be reviewed under article 33.

The regulator may, within two days beginning with the date on which it receives notice of that decision, ask EBA to assist the competent authorities in accordance with Article 31(c) of the EBA Regulation to resolve their disagreement about that decision.

This Chapter applies where the PRA or FCA is the consolidating supervisor in relation to a relevant group.

In this Chapter—

• “measure for early intervention”—

  1. (a)

     in relation to a UK group entity, has the same meaning as in Chapter 1;

  2. (b)

     in relation to a non-UK group entity, means a measure of a kind specified in sub-paragraphs (a) to (h) of Article 27.1 of the recovery and resolution directive;

• “non-UK group entity” means—

  1. (a)

     the EEA parent undertaking, if it is set up in another EEA State;

  2. (b)

     a group subsidiary which is an institution set up in another EEA State; and

• “UK group entity” means—

  1. (a)

     the EEA parent undertaking, if it is set up in the United Kingdom;

  2. (b)

     a group subsidiary which is an institution authorised by the PRA or FCA.

This article applies where the appropriate regulator proposes to take a measure for early intervention in respect of a UK group entity.

The appropriate regulator must without delay give notice of its proposal to the Bank, the relevant competent authorities and the EBA.

The appropriate regulator must give the recipients of a notice given under paragraph (2) notice of a decision to take a measure for early intervention in respect of a UK group entity.

The appropriate regulator may not take a measure for early intervention without prescribing a date before which the action required to be taken in compliance with the measure is to be completed.

The appropriate regulator must give the UK group entity referred to in a notice given under paragraph (4) and the EEA parent undertaking, if it is not the entity concerned, written notice of its decision to take a measure for early intervention, including a reasoned account of the decision.

This article applies where the appropriate regulator receives notice of a proposal by a relevant competent authority to take a measure for early intervention in respect of a non-UK group entity.

If the appropriate regulator decides to assess the impact that the notified measure would have on any group entity or on the relevant group as a whole, it must make the assessment and send it to the relevant competent authority within three days beginning with the day on which it receives the notice referred to in paragraph (1).

Where two or more competent authorities decide to take measures for early intervention, the appropriate regulator must endeavour to reach a decision jointly with the relevant competent authorities on whether to co-ordinate the implementation of such measures.

The appropriate regulator must give the EEA parent undertaking written notice of a joint decision under this article, including a reasoned account of the decision.

The appropriate regulator may, within the period referred to in article 112(2), refer to EBA in accordance with Article 19 of the EBA Regulation any matter relating to a proposal by a relevant competent authority to take a referable measure in respect of a non-UK group entity.

Paragraphs (4) and (5) apply where no joint decision has been reached under article 113(1) within the period referred to in article 113(2) (“the 5 day period”).

The appropriate regulator may, within the 5 day period, refer to EBA in accordance with Article 19 of the EBA Regulation any matter relating to a proposal by a relevant competent authority to take a referable measure in respect of a non-UK group entity.

For the purposes of a reference to EBA of a matter to which paragraph (4) or (5) refers the 5 day period is deemed to be the conciliation phase referred to in Article 19.2 of the EBA Regulation.

This Chapter applies where neither the PRA nor the FCA is the consolidating supervisor in relation to a relevant group.

In this Chapter “measure for early intervention” and “UK group entity” have the same meaning for the relevant group as they have for a relevant group in Chapter 2.

This article applies where the appropriate regulator proposes to take a measure for early intervention in respect of a UK group entity.

The appropriate regulator must without delay give notice of its proposal to the Bank, other relevant competent authorities, the consolidating supervisor and the EBA.

The appropriate regulator must give the recipients of a notice given under paragraph (2) notice of a decision to take a measure for early intervention in respect of a UK group entity.

The appropriate regulator may not take a measure for early intervention in respect of a UK group entity without prescribing a date before which the action required to be taken in compliance with the measure is to be completed.

The appropriate regulator must give the UK group entity referred to in a notice given under paragraph (4) and the EEA parent undertaking, if it is not the entity concerned, written notice of its decision to take a measure for early intervention, including a reasoned account of the decision.

Where the appropriate regulator and one or more other competent authorities decide to take measures for early intervention, the appropriate regulator must endeavour to reach a decision jointly with those authorities on whether to co-ordinate the implementation of such measures.

The appropriate regulator must endeavour to reach a joint decision on that matter within five days beginning with the date on which it receives notice from the consolidating supervisor that one or more other competent authorities have decided to take measures for early intervention.

Paragraphs (3) and (4) apply where no joint decision has been reached under article 118(1) within the period referred to in article 118(2) (“the 5 day period”).

The appropriate regulator may, within the 5 day period, refer to EBA in accordance with Article 19 of the EBA Regulation any matter relating to a proposal by another competent authority to take a referable measure in respect of a group entity.

For the purposes of a reference to EBA of a matter to which paragraph (3) or (4) refers the 5 day period is deemed to be the conciliation phase referred to in Article 19.2 of the EBA Regulation.

In this article “referable measure” has the same meaning as in article 114(7).

In this Chapter “relevant institution” means an institution, other than a mortgage credit institution, which 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.

The Bank must inform EBA of the minimum requirement for own funds and eligible liabilities determined for each relevant institution.

This article applies for the purpose of the determination by the Bank of the minimum requirement for own funds and eligible liabilities.

The amount of the relevant institution's total liabilities must include total liabilities under any derivative contracts held by the institution.

An assessment of total liabilities under a derivative contract must take account of the rights of the parties to the contract to set off or net under a title transfer collateral arrangement, set-off arrangement or netting arrangement (within the meaning given by section 48(1)(b), (c) and (d) of the Banking Act 2009).

For the purpose of paragraph (4)(d), where the instrument that creates the liability confers on a party to the instrument a right to the repayment of a sum before maturity, the maturity date is the first date on which that party would become entitled to repayment if the right were exercised.

The determination must be based on an assessment of the criteria set out in Article 45.6 of the recovery and resolution directive (application of the minimum requirement).

The Bank must make that assessment in consultation with the appropriate regulator.

The Bank must review the minimum requirement for own funds and eligible liabilities when, in accordance with Chapter 4 of Part 5, it reviews the resolution plan (within the meaning given in Chapter 1 or 3 of that Part) adopted for the relevant institution.

Article 123 applies for the purpose of the review, but paragraph (6) of that article has effect for that purpose as if the reference to the determination (of the minimum requirement for own funds and eligible liabilities) were a reference to the re-determination of the requirement on review.

This Chapter applies where the PRA or FCA is the consolidating supervisor in relation to a relevant group.

This article applies for the purpose of determining the minimum consolidated requirement.

Where every group entity is set up in the United Kingdom, the Bank must determine the minimum consolidated requirement, and is solely responsible for the determination.

The amount of each group institution's total liabilities must include total liabilities under any derivative contracts held by the institution.

An assessment of total liabilities under a derivative contract must take account of the rights of the parties to the contract to set off or net under a netting arrangement.

For the purpose of paragraph (6)(d), where the instrument that creates the liability confers on a party to the instrument a right to the repayment of a sum before maturity, the maturity date is the first date on which that party would become entitled to repayment if the right were exercised.

Where the Bank makes an assessment under paragraph (8)(a) with respect to a group institution authorised by the PRA or FCA, it must make the assessment in consultation with the appropriate regulator.

Where the Bank endeavours to determine the minimum consolidated requirement jointly with one or more other resolution authorities under article 126(3)(c), it must endeavour to make the determination within the four month period.

The Bank must give the EEA parent undertaking written notice of the determination made under this article, including a reasoned account of the determination.

For the purposes of a reference to EBA of a matter to which this article refers the four month period is deemed to be the conciliation phase referred to in Article 19.2 of the EBA Regulation.

The Bank must review the minimum consolidated requirement when, in accordance with Chapter 4 of Part 5, it reviews the group resolution plan.

Articles 126 to 128 apply for the purpose of the review, but have effect for that purpose as if each reference to determining (or the determination of) the minimum consolidated requirement were a reference to re-determining (or the re-determination of) the requirement on review.

This Chapter applies where neither the PRA nor the FCA is the consolidating supervisor in relation to a relevant group.

In this Chapter “group entity” and “minimum consolidated requirement” have the same meaning for the relevant group as they have for a relevant group in Chapter 2.

The Bank must endeavour within the college to determine the minimum consolidated requirement jointly with the group-level resolution authority M49 and other resolution authorities for group entities.

The Bank must endeavour to make that determination within four months beginning with the date on which the group-level resolution authority gives the Bank notice of its provisional determination of the minimum consolidated requirement.

The Bank may, within that period, refer any matter relating to the prospective determination of the minimum consolidated requirement to EBA in accordance with Article 19 of the EBA Regulation.

This article applies where the group-level resolution authority reviews the group resolution plan.

Article 131 applies for the purpose of reviewing the minimum consolidated requirement, but has effect for that purpose as if the reference to determining (and each reference to the determination of) the requirement were a reference to re-determining (or the re-determination of) the requirement on review.

This Chapter applies where the PRA or FCA is the consolidating supervisor in relation to a relevant group.

The Bank must inform EBA of the minimum requirement determined for each UK institution.

This article applies for the purpose of determining the minimum requirement for a group institution.

The amount of the institution's total liabilities must include total liabilities under any derivative contracts held by the institution.

An assessment of total liabilities under a derivative contract must take account of the rights of the parties to the contract to set off or net under a netting arrangement.

For the purpose of paragraph (4)(d), where the instrument that creates the liability confers on a party to the instrument a right to the repayment of a sum before maturity, the maturity date is the first date on which that party would become entitled to repayment if the right were exercised.

Where the Bank endeavours to determine minimum requirements for group institutions jointly with one or more other resolution authorities under article 134(2)(c), it must endeavour to make the determination within the four month period.

Where the Bank and other resolution authorities are unable within the four month period to make a joint determination of minimum requirements for group institutions, the Bank must determine the minimum requirements for UK institutions.

The Bank must give the EEA parent undertaking and each UK institution written notice of the determination of the institution's minimum requirement, including a reasoned account of the determination.

The Bank may, within the four month period, refer any matter relating to the prospective determination of a minimum requirement for a non-UK institution to EBA in accordance with Article 19 of the EBA Regulation.

Paragraph (1) does not apply where a prospective determination is within one percentage point of the minimum consolidated requirement.

The Bank must review the minimum requirements for group institutions when, in accordance with Chapter 4 of Part 5, it reviews the group resolution plan.

Articles 134 to 137 apply for the purpose of the review, but have effect for that purpose as if each reference to determining (or the determination of) a minimum requirement were a reference to re-determining (or the re-determination of) the requirement on review.

The Bank may decide, after consulting the regulator, that a group entity, other than a UK institution, set up in the United Kingdom should be required to maintain a minimum requirement for own funds and eligible liabilities expressed as a percentage of the entity's total liabilities and own funds.

Where the Bank makes a such decision, articles 134 to 138 apply for the purpose of determining and reviewing the requirement and ensuring that the requirement is maintained and met, but have effect for that purpose as if each reference to an institution, except a reference to a non-UK institution, included a reference to the group entity for which the requirement is being (or has been) determined.

This Chapter applies where neither the PRA nor the FCA is the consolidating supervisor in relation to a relevant group.

The Bank must inform EBA of the minimum requirement determined for each UK institution.

This article applies for the purpose of determining the minimum requirement for a group institution.

The amount of the institution's total liabilities must include total liabilities under any derivative contracts held by the institution.

An assessment of total liabilities under a derivative contract must take account of the rights of the parties to the contract to set off or net under a netting arrangement.

For the purpose of paragraph (4)(d), where the instrument that creates the liability confers on a party to the instrument a right to the repayment of a sum before maturity, the maturity date is the first date on which that party would become entitled to repayment if the right were exercised.

Where the Bank endeavours to determine minimum requirements for group institutions jointly with one or more other resolution authorities under article 142(2)(c), it must endeavour to make the determination within the four month period.

Where the Bank and other resolution authorities are unable within the four month period to make a joint determination of minimum requirements for group institutions, the Bank must determine the minimum requirements for UK institutions having regard to any views or reservations expressed by the group-level resolution authority during the four month period.

The Bank must give each UK institution written notice of the determination of its minimum requirement, including a reasoned account of the determination.

For the purposes of a reference to EBA of a matter to which this article refers the four month period is deemed to be the conciliation phase referred to in Article 19.2 of the EBA Regulation.

This article applies where the group-level resolution authority reviews the group resolution plan.

Articles 141 to 144 apply for the purpose of reviewing the minimum requirements for group institutions, but have effect for that purpose as if the reference to determining (and each reference to the determination of) the requirements were a reference to re-determining (or the re-determination of) the requirements on review.

The Bank may decide, after consulting the regulator (within the meaning given by article 139(3)), that a group entity, other than an institution, set up in the United Kingdom should be required to maintain a minimum requirement for own funds and eligible liabilities expressed as a percentage of the entity's total liabilities and own funds.

Where the Bank makes a such decision, articles 141 to 145 apply for the purpose of determining and reviewing the requirement and ensuring that the requirement is maintained and met, but have effect for that purpose as if each reference to an institution, except a reference to a non-UK institution, included a reference to the group entity for which the requirement is being (or has been) determined.

This article applies in relation to a relevant group.

The Bank may determine that a minimum requirement or minimum consolidated requirement to which this article applies must be met partially through contractual bail-in instruments or composed wholly or partially of own funds or a specified kind of liability.

The purpose of the assessment of the business reorganisation plan is to determine whether the plan meets the criteria for assessment.

The Bank must approve the plan when the Bank and the appropriate regulator are satisfied that the plan meets the criteria for assessment.

In this Chapter “business reorganisation plan” and “resolution administrator” have the same meaning for the relevant entity as they have for an institution in Chapter 1.

This article does not require any information contained in the business reorganisation plan to be disclosed if its disclosure would be contrary to section 348 of FSMA M69 (restrictions on disclosure of confidential information by FCA, PRA etc).

Where every group entity is set up in the United Kingdom, the Bank must assess the business reorganisation plan jointly with the regulator.

Where any group entity is set up in another EEA State, the Bank must assess the business reorganisation plan jointly with the resolution authority for that entity.

Where a group institution has a significant branch in another EEA State, the assessment must be made, so far as information contained in the plan is relevant to the branch, in consultation with the resolution authority established in that State.

The purpose of the assessment of the business reorganisation plan is to determine whether the plan meets the criteria for assessment and decide other relevant matters.

The Bank must approve the plan when the Bank and the regulator or the Bank and other resolution authorities with which the Bank has made a joint assessment of the plan are satisfied that the plan meets the criteria for assessment.

This article applies where the Bank assesses the business reorganisation plan jointly with one or more other resolution authorities.

The Bank must endeavour to conclude the assessment within the four month period, and must for this purpose endeavour to reach a joint decision on relevant matters.

The Bank must give written notice of each decision under this article to the group entity which submitted the business reorganisation plan for assessment and the other resolution authorities.