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190.—(1) This Chapter applies in relation to a relevant group.
(2) The Bank must co-operate closely with the other members of a resolution college established by the Bank under this Chapter or by another resolution authority.
(3) The remaining articles of this Chapter apply where the PRA or FCA is the consolidating supervisor in relation to the relevant group.
191.—(1) Subject to article 194, the Bank must establish a resolution college for the relevant group in order to—
(a)facilitate the performance of the Bank's duties as the group-level resolution authority M1;
(b)facilitate the performance of the tasks set out in paragraph (2);
(c)ensure that there is appropriate co-operation and co-ordination with the authorities established in third countries which exercise any function equivalent to a function of a resolution authority; and
(d)provide a forum for the discussion of issues relating to cross-border group resolution M2.
(2) The resolution college is to facilitate the performance of the following tasks by its members—
(a)exchanging information which is relevant for the drawing up a group resolution plan, for taking preparatory and preventative measures and for group resolution;
(b)drawing up a group resolution plan pursuant to Articles 12 and 13 of the recovery and resolution directive (group resolution plans);
(c)assessing the resolvability of the relevant group pursuant to Article 16 of that directive (assessment of resolvability for groups);
(d)exercising powers to address or remove impediments to the resolvability of the relevant group pursuant to Article 18 of that directive (powers to address or remove impediments to resolvability: group treatment);
(e)deciding on the need to make a group resolution scheme pursuant to Article 91 or 92 of that directive (group resolution involving a subsidiary of the group);
(f)reaching agreement on proposals for a group resolution scheme;
(g)co-ordinating public communication about the strategy for group resolution, including any group resolution scheme;
(h)co-ordinating the use of financing arrangements established under Title VII of the recovery and resolution directive (financing arrangements); and
(i)setting minimum requirements for own funds and eligible liabilities for the relevant group and for group subsidiaries pursuant to Article 45 of that directive (application of the minimum requirement).
Marginal Citations
M1For the meaning of “group-level resolution authority” see the recovery and resolution directive, Article 2.1, point (44).
M2For the meaning of “group resolution” see the recovery and resolution directive, Article 2.1, point (42).
192.—(1) The resolution college established by the Bank under article 191 is to consist of the following members—
(a)the Bank;
(b)the resolution authority for a group entity set up in another EEA State;
(c)the resolution authority established in any EEA State in which an institution within the relevant group has a significant branch M3;
(d)the competent authority established in an EEA State whose resolution authority is a member of the resolution college;
(e)any person who is selected by a competent authority which is a member of the resolution college to represent the central bank of the EEA State of that competent authority (except where the central bank is the competent authority);
(f)the competent ministries M4 of the EEA States whose resolution authorities are members of the resolution college (except where a competent ministry is a resolution authority);
(g)the authority which is responsible for the deposit guarantee scheme M5 made by each EEA State whose resolution authority is a member of the resolution college; and
(h)EBA for the purpose only of contributing to the promotion and monitoring of the efficient, effective and consistent functioning of the resolution college taking account of international standards.
(2) EBA is to have no right to vote on any matter which is for decision within the resolution college by voting.
(3) Where the Bank is satisfied that the requirements set out in Article 98 of the recovery and resolution directive (exchange of confidential information) are met in relation to an authority in a relevant country which exercises any function equivalent to a function of a resolution authority, the Bank may at the request of that authority invite it to participate as an observer in the resolution college.
(4) In paragraph (3) “relevant country” means a third country in which—
(a)the EEA parent undertaking or a group subsidiary which is an institution has a subsidiary which would be an institution if it were set up in an EEA State; or
(b)the EEA parent undertaking, if it is an institution, has a significant branch;
(c)a group subsidiary which is an institution has a significant branch.
Marginal Citations
M3For the meaning of “significant branch” see the recovery and resolution directive, Article 2.1, point (34).
M4For the meaning of “competent ministries” see the recovery and resolution directive, Article 2.1, point (22).
M5For the meaning of “deposit guarantee scheme” see the recovery and resolution directive, Article 2.1, point (72).
193.—(1) The Bank must—
(a)in consultation with the other members of the resolution college established under article 191, make written arrangements and procedures for the functioning of the college;
(b)co-ordinate all activities of the college;
(c)convene and chair its meetings;
(d)inform the other members, in advance, about the organisation of any meeting and the main items on the agenda;
(e)notify the other members of meetings being planned, so that they can request an invitation;
(f)decide which members and observers are to be invited to attend any meeting; and
(g)inform the other members in a timely manner of the decisions taken at, or any other outcome of, each meeting.
(2) In deciding which members and observers are to be invited to attend any meeting of the resolution college, the Bank must take account of—
(a)the matters that need to be considered or decided; and
(b)the relevance of these matters for each member or each person who may be invited to be an observer, including their potential impact on the stability of the financial system of the EEA State in which that member or other person is established.
(3) But the Bank must invite a resolution authority to attend a meeting of the resolution college if the agenda for that meeting includes for discussion or decision any matter which is subject to joint decision making or concerns a group entity set up in the EEA State in which that authority is established.
194.—(1) The Bank is not under a duty to establish a resolution college for a relevant group (“the group”) if—
(a)it is satisfied that an existing grouping or college of resolution authorities and other persons, including a resolution college established for a different relevant group—
(i)could facilitate the performance in relation to the group of the functions and tasks set out in article 191 (“the additional purpose”); and
(ii)would, if used for the additional purpose, observe in all material respects the same requirements relating to membership, participation, functioning and information exchange as a resolution college established for the group by the Bank; and
(b)it decides that the existing grouping or college is to be used for the additional purpose.
(2) Where paragraph (1) applies—
(a)this Chapter, except article 191(1), applies in relation to the existing grouping or college, where it is used for the additional purpose, but has effect for that purpose as if each reference to the resolution college were a reference to the existing grouping or college; and
(b)this Order, except this Chapter, has effect in relation to the group as if each reference to the college included a reference to the existing grouping or college.