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Version Superseded: 31/12/2020
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There are currently no known outstanding effects for the The Bank Recovery and Resolution (No. 2) Order 2014, CHAPTER 1.
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187.—(1) This article applies where any decision made or action taken pursuant to the recovery and resolution directive by the Bank, the PRA, the FCA or the Treasury, in the Treasury's capacity of competent ministry, may have an impact on the financial system of another EEA State.
(2) The person who has the function of making the decision or taking the action concerned must exercise the function having regard to the general principles set out in Article 87 of that directive (general principles regarding decision-making involving more than one EEA State).
188.—(1) This article applies where, in relation to a relevant group—
(a)a resolution college M1 is established by the Bank in accordance with this Part or by another resolution authority;
(b)a European resolution college M2 is established jointly by the Bank and other resolution authorities; or
(c)an existing grouping, resolution college or European resolution college is used to facilitate the performance of the tasks which would otherwise be performed by a newly established resolution college or European resolution college.
(2) Where the Bank establishes the college or decides that an existing grouping or college is to be used to facilitate the performance of the tasks that a newly established college would otherwise perform, the Bank is responsible for co-ordinating the flow of information among members of the college or grouping, and must provide in a timely manner such information as is required to facilitate the performance of tasks by the members.
(3) The Bank, the PRA and the FCA must, so far as they are able to do so, meet any request by other resolution authorities and competent authorities which are members of the college or grouping for information which is relevant to the performance of any tasks or functions of those members under the recovery and resolution directive.
(4) The Bank must provide the Treasury with information which—
(a)is relevant to the performance of tasks by the members of the college or grouping; and
(b)either—
(i)relates to a decision which requires the Treasury's consent or a decision or matter which is subject to consultation with the Treasury or must be notified to the Treasury; or
(ii)may have an implication for public funds.
(5) Where the Bank receives any information for the purposes of the recovery and resolution directive from an authority in a third country, it may not disclose that information without the consent of that authority.
(6) This article does not require any information to be disclosed if its disclosure—
(a)by the PRA or FCA, would be contrary to section 348 of FSMA; or
(b)by the Bank, would be contrary to that section as applied for the purposes of Part 1 of the Banking Act 2009 (with modifications) by section 89L of that Act.
Marginal Citations
M1For the meaning of “resolution college” see the recovery and resolution directive, Article 2.1, point (46).
M2For the meaning of “European resolution college” see Article 89.1 of the recovery and resolution directive.
189. Where the Bank proposes a group resolution scheme M3 for a relevant group or endeavours to reach a joint decision with other resolution authorities on the adoption of a group resolution scheme proposed by another resolution authority, the Bank, acting jointly with the other authorities concerned, must ensure that the scheme—
(a)takes account of—
(i)the group resolution plan; and
(ii)any resolution plans adopted for group subsidiaries;
(b)is in line with the measures adopted in those plans, except where an assessment of the circumstances indicates that the resolution objectives would be achieved more effectively by different or modified measures;
(c)outlines what resolution action M4 is to be taken by each resolution authority in order to achieve the resolution objectives compatibly with the principles set out in Article 34 of the recovery and resolution directive (general principles governing resolution);
(d)specifies how resolution action by the resolution authorities is to be co-ordinated; and
(e)establishes a financing plan which takes account of—
(i)the principles set out in the group resolution plan for determining how responsibility for financing group resolution would be shared among the EEA States in which group entities were set up by means of contributions from financing arrangements made in accordance with Article 100 of the recovery and resolution directive (requirement to establish resolution financing arrangements); and
(ii)the requirements for mutualisation of national financing arrangements set out in Article 107 of that directive (mutualisation of national financing arrangements in the case of a group resolution).
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