Article 59 Application and interpretation of Chapter 1
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 F1apply the resolution tools, exercise resolution powers or take insolvency proceedings in respect of the institution while avoiding to the maximum extent possible any significant adverse effect on the financial system of F2the United Kingdom or the continuity of the institution's critical functions.
Annotations
Textual amendments
- F1
Words in art. 59(2) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 34(a); 2020 c. 1, Sch. 5 para. 1(1)
- F2
Words in art. 59(2) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 34(b); 2020 c. 1, Sch. 5 para. 1(1)
Notes on the whole SI
Textual amendments
- F1
Order revoked (14.12.2023 for the revocation of art. 227) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(x)