98.—(1) Article 168 (purpose of assessment) is amended as follows.U.K.
(2) In paragraph (2) omit the words from “or the Bank” to “assessment of the plan”.
(3) In paragraph (3)—
(a)for sub-paragraph (a) substitute—
“(a)the plan must include the details specified in section 48H(2) of the Banking Act 2009;”;
(b)after sub-paragraph (c) insert—
“(d)the arrangements proposed in the plan must be based on realistic assumptions as to the economic and financial market conditions under which the group entities will operate;
(e)the plan must take account of the current state of the financial markets and their future prospects, reflecting best-case and worst-case assumptions, including a combination of events allowing the identification of the group entities' main vulnerabilities; and
(f)the assumptions made in the plan must be compared with appropriate sector-wide benchmarks.”.
Commencement Information
I1Sch. 3 para. 98 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)