Article 64 Application and interpretation of Chapter 3

This Chapter applies where the Bank, after consulting the appropriate regulator and having made an assessment of resolvability in accordance with Chapter 1, determines that there are substantive impediments to the resolvability of an institution (“the impediments”).

In this Chapter—

• “determination” means a determination of a kind referred to in paragraph (1);

• “pre-resolution powers” means the powers conferred on the Bank by section 3A of the Banking Act 2009 M1 (removal of impediments to the exercise of stabilisation powers etc); and

• “relevant proposals” means proposals which—

  1. (a)

     are prepared by an institution to which notice is given under article 65;

  2. (b)

     are for taking measures to address or remove the impediments F1including a timetable for doing so; and

  3. (c)

     are required to be submitted by the institution within F2the response period.

• F3“response period” means—

  1. (a)

     in a case F4where the institution does notF5... meet ... the minimum requirement for own funds and eligible liabilities in accordance with section 3A(4B) of the Banking Act, two weeks beginning with the date on which the institution received the notice; and

  2. (b)

     in any other case, four months beginning with that date.