Regulation 74 Amendment of the Bank Recovery and Resolution (No.2) Order 2014

The Bank Recovery and Resolution (No.2) Order 2014 is amended in accordance with this regulation.

In article 2(1), in the definition of “group resolution plan” in paragraph (a) for “taking resolution action” substitute “applying the resolution tools or exercising resolution powers”.

In article 64, in paragraph (a) of the definition of “response period” for the words from “described” to “directive” substitute “where the institution does not, as applicable, meet the requirements referred to in Articles 92a and 494 of the capital requirements regulation or the minimum requirement for own funds and eligible liabilities in accordance with section 3A(4B) of the Banking Act”;

In article 68, in paragraph (a) of the definition of “response period” for the words from “described” to “directive” substitute “where the institution does not, as applicable, meet the requirements referred to in Articles 92a and 494 of the capital requirements regulation or the minimum requirement for own funds and eligible liabilities in accordance with section 3A(4B) of the Banking Act”.