Paragraph 118 Information to be contained in a group resolution planI1

(1)

Schedule 2 is amended as follows.

(2)

In paragraph 1(3)(a) for the words from “Article 100” to the end substitute “ section 228 or 229 of the Banking Act 2009 ”.

(3)

In paragraph 2—

(a)

in sub-paragraph (a) for “action” substitute “ tools that would be applied, the resolution powers that would be exercised ”;

(b)

in sub-paragraphs (d)(i) and (ii) for “resolution action” in both cases substitute “ the application of resolution tools or the exercise of resolution powers ”;

(c)

in sub-paragraph (e)(i)—

(i)

for “resolution action” substitute “ the application of resolution tools or the exercise of resolution powers ”;

(ii)

for “a resolution authority or” substitute “ the Bank under Part 1 of the Banking Act 2009 or a ”;

(d)

at the end of sub-paragraph (h) add “ and ”;

(e)

in sub-paragraph (i)—

(i)

for “resolution action” substitute “ application of resolution tools or the exercise of resolution powers ”; and

(ii)

omit “; and”;

(f)

omit sub-paragraph (j).

(4)

Omit paragraph 3.

(5)

At the end of the Schedule add—

“4
In this Schedule, “group resolution” means—
(a)
the taking of resolution action at the level of—
(i)
a parent undertaking; or
(ii)
an institution,
which forms part of a group that is subject to consolidated supervision in accordance with Part 6 of the Capital Requirements Regulations 2013; or
(b)
the co-ordination of the application of resolution tools and the exercise of resolution powers by the Bank in relation to F1resolution entities that meet the conditions for resolution.”.

Annotations

Textual amendments

F1: Words in Sch. 3 para. 118(5) substituted (28.12.2020) by The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(2), 77(7)

Commencement

I1: Sch. 3 para. 118 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)