fice
the Attorney General Táirgthe ag Oifig an Ard-Aighne Home Legislation Acts
the Oireachtas Statutory Instruments Pre-1922 Legislation Constitution External Resources Bills (Houses
the Oireachtas) Iris Oifigiúil /
ficial Gazette Revised Acts (LRC) Classified List
Legislation (LRC) Translations (acts.ie) Translations (Houses
the Oireachtas) Government Publications for Sale EU Law (EUR-Lex) FAQ Disclaimer Feedback Helpdesk Search Baile Reachtaíocht Achtanna an Oireachtais Ionstraimí Reachtúla Reachtaíocht Réamh-1922 Bunreacht Acmhainní Seachtracha Billí (Tithe an Oireachtais) Iris Oifigiúil Achtanna Athbhreithnithe (CAD) (An Coimisiún um Athchóiriú an Dlí) Liosta Rangaithe Reachtaíochta Aistriúcháin (achtanna.
resolution authority
financial contacts 13. Assessment
recovery plans
group recovery plans
resolution plan 19. Maintenance and production
information for purpose
resolution plans 20. Information for purpose
resolution plans and cooperation from institution 21. Resolution plans for institutions that are part
a group
group resolution plan 25. Transmission
resolution plans by resolution authority Chapter 2 Resolvability 26. Assessment
resolvability for institutions 27. Assessment
resolvability for groups
group financial support agreement
proposed agreement by competent authority and mediation 33. Approval
proposed agreement by shareholders 34. Transmission
group financial support agreements to resolution authority
opposition
competent authorities
senior management 40. Removal
senior management and management body
effect
suspension notice 43. Confirmation
suspension notice 44. Enforcement
suspension notice 45. Court’s power to extend validity
suspension notices Chapter 3 Appointment
Temporary Administrator 46. Interpretation
Proposed temporary administration order — written notice 49. Content and form
proposed temporary administration order 50. Procedure for hearing
application for temporary administration order 51. Publication
temporary administration order
temporary administration order 55. Period
temporary administration order 56. Remuneration, etc.,
temporary administrator 57. Resignation, vacancy in
fice, etc.,
temporary administrator 58. Performance
functions
temporary administrator
early intervention measures and appointment
temporary administrator in relation to groups Part 4 Resolution Chapter 1 Objectives, conditions and general principles
resolution
Central Bank (Supervision and Enforcement) Act 2013 68. General principles
resolution tools The sale
business tool 69. Sale
business tool 70. Sale
business tool: procedural requirements The bridge institution tool 71. Bridge institution tool 72. Requirements
bridge institution 73. Operation
bridge institution The asset separation tool 74. Asset separation tool Sale
business, bridge institution and asset separation tools: ancillary provisions 75. Effect
transfer by resolution order — general 76. Effect
transfer by resolution order in relation to securities 77. Application
Bankers’ Books Evidence Acts 1879 to 1989 78. Stamp duty The bail-in tool — Objective and scope
bail-in tool
bail-in tool The bail-in tool — minimum requirement for own funds and eligible liabilities 81. Application
minimum requirement
subsidiary 84. Minimum requirement — resolution authority generally The bail-in tool — implementation
bail-in tool 85. Assessment
amount
bail-in 86. Treatment
shareholders in bail-in or write-down or conversion
capital instruments 87. Sequence
write-down and conversion
conversion
debt to equity
bail-in 93. Removal
procedural impediments to bail-in 94. Contractual recognition
bail-in Chapter 4 Write-down
capital instruments
capital instruments
capital instruments order
application for resolution order — procedure
resolution order
Court in making resolution order — general 112. Ancillary powers
Court in making resolution order 113. Rights
shareholders during resolution period 114. Oversight
resolution action during resolution period — general Chapter 6 Special management 115. Special management — general 116. Publication
appointment
special manager 117. Duties
special manager 118. Oversight by resolution authority
special management 119. Effect
special management 120. Duration
special management 121. Resignation, vacancy in
fice, remuneration, etc.,
special manager 122. Performance
functions
special manager Chapter 7 Resolution authority powers 123. Powers
resolution authority during resolution period — general 124. Powers
resolution authority under resolution order Chapter 8 Resolution powers 125. Power to require the provision
services and facilities 126. Power
another Member State to enforce crisis management measures or crisis prevention measures 127. Assets, rights, liabilities, shares and other instruments
ownership located in third countries 128. Exclusion
certain contractual terms in early intervention and resolution
security interests
shareholders and creditors in case
partial transfers and application
the bail-in tool 133. Valuation
difference in treatment
valuation under Regulation 133
f and netting agreements
contracts 142. Partial transfers — protection
trading, clearing and settlement systems Chapter 10 Procedural obligations 143. Notification requirements 144. Decision
resolution authority 145. Procedural obligations
resolution authority 146. Confidentiality Chapter 11 Right
appeal and exclusion
other actions
judicial review
decision to take crisis management measure 149. Limitation
certain rights
appeal to Court
Appeal
group
third-country resolution proceedings 159. Right to refuse recognition or enforcement
third-country resolution proceedings 160. Resolution
Union branches
confidential information Part 7 Financing Arrangements
Fund
resolution authority to Fund
national financing arrangements in case
a group resolution 173. Use
deposit guarantee schemes in context
resolution Part 8 Penalties
administrative penalties 176. Maintenance
central database by European Banking Authority 177. Effective application
penalties and exercise
powers to impose penalties by Bank Part 9 Criminal
fences Chapter 1 Criminal
fences: general 178.
fences by bodies corporate 179. Prosecution by Bank Chapter 2 Criminal
fences 180. Continuation
contravention
Regulation 123
false or misleading information 182. Breach
confidentiality
fences Part 10 Consequential Amendments Chapter 1 Acts 185. Amendment
Central Bank Act 1942 186. Amendment
Irish Takeover Panel Act 1997 187. Amendment
Central Bank and Credit Institutions (Resolution) Act 2011 188. Amendment
Central Bank (Supervision and Enforcement) Act 2013 189. Amendment
Companies Act 2014 Chapter 2 Statutory Instruments 190. Amendment
European Communities (Cross-Border Mergers) Regulations 2008 191. Amendment
European Communities (Financial Collateral Arrangements) Regulations 2010 192. Amendment
European Communities (Reorganisation and Winding-up
Credit Institutions) Regulations 2011 193. Amendment
European Union (Capital Requirements) Regulations 2014 Part 11 Final Provisions
notice or other document by competent authority
competition rules 198. Effect
transfer orders on legal proceedings 199. Regulations made under Part 7 SCHEDULE Part 1 Information to be included in recovery plans Part 2 Information that the resolution authority may request institutions to provide for the purposes
drawing up and maintaining resolution plans Part 3 Matters that the resolution authority is to consider when assessing the resolvability
an institution or group S.I. No. 289
2015 EUROPEAN UNION (BANK RECOVERY AND RESOLUTION) REGULATIONS 2015 Notice
the making
this Statutory Instrument was published in “Iris Oifigiúil”
14th July, 2015. I, MICHAEL NOONAN, Minister for Finance, in exercise
the powers conferred on me by section 3
the European Communities Act 1972 (No. 27
1972) and for the purpose
giving full effect to Directive 2014/59/EU
the European Parliament and
the Council
15 May 20141 , hereby make the following regulations: Part 1 Preliminary and General Citation and commencement. 1.
— (I) a credit institution or investment firm, or (II) a company referred to in subparagraphs (c) to (i), and (ii) is covered by the supervision
the parent undertaking on a consolidated basis in accordance with Articles 6 to 17
the Union Capital Requirements Regulation; (
institutions that are established outside the Union in accordance with the specific conditions set out in the Bank Recovery and Resolution Directive.
these Regulations, the resolution authority and the competent authority when exercising their functions under these Regulations in relation to an entity referred to in paragraph
the nature
the entity’s business, its shareholding structure, its legal form, its risk profile, its size, its legal status, its interconnectedness to other institutions and to the financial system in general, the scope and complexity
its activities, its membership
an institutional protection scheme that meets the requirements
the Union Capital Requirements Regulation or other cooperative mutual solidarity systems as referred to in Article 113
that Regulation, and whether it exercises any investment services as defined in Regulation 3
the MiFID I Regulations. Interpretation. 3.
1942” means the Central Bank Act 1942 (No. 22
1942); “Act
1971” means the Central Bank Act 1971 (No. 24
1971); “Act
1989” means the Building Societies Act 1989 (No. 17
1989); “Act
2003” means the Central Bank and Financial Services Authority
Ireland Act 2003 (No. 12
2003); “Act
2009” means the Financial Services (Deposit Guarantee Scheme) Act 2009 (No. 13
2009); “Act
2010” means the Central Bank Reform Act 2010 (No. 23
2010); “Act
2013” means the Central Bank (Supervision and Enforcement) Act 2013 (No. 26
2013); “Act
2014” means the Companies Act 2014 (No. 38
2014); “Additional Tier 1 instruments” means capital instruments that meet the conditions set out in Article 52
the Union Capital Requirements Regulation; “affected creditor” means a creditor whose claim relates to a liability that is reduced or converted to shares or other instruments
ownership by the exercise
the write-down or conversion power pursuant to the use
the bail-in tool; “aggregate amount” means the aggregate amount by which the resolution authority has assessed that eligible liabilities are to be written down or converted in accordance with Regulation 85
the Member State identified in accordance with Article 61
the Bank Recovery and Resolution Directive that is responsible under the national law
that State for making the determinations referred to in Article 59
that Directive; “asset management vehicle” means a legal person that meets the requirements set out in Regulation 74
assets, rights or liabilities
an institution under resolution to an asset management vehicle in accordance with Regulation 74; “back-to-back transaction” means a transaction entered into between 2 group entities for the purpose
transferring, in whole or in part, the risk generated by another transaction entered into between one
those group entities and a third party; “bail-in tool” means the mechanism for effecting the exercise by a resolution order
the write-down and conversion powers in relation to liabilities
an institution under resolution in accordance with Regulation 79; “Bank” means the Central Bank
Ireland; “Bank Recovery and Resolution Directive” means Directive 2014/59/EU
the European Parliament and
the Council
15 May 2014 establishing a framework for the recovery and resolution
credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012,
the European Parliament and
the Council2 ; “branch” means a branch as defined in point
the Union Capital Requirements Regulation; “bridge institution” means a legal person that meets the requirements
Regulation 71
a resolution order, shares or other instruments
ownership issued by an institution under resolution or assets, rights or liabilities
an institution under resolution to a bridge institution, in accordance with Regulation 71; “business day” means a day other than a Saturday, a Sunday or a public holiday in the Member State concerned; “capital instruments order” shall be construed in accordance with Regulation 95; “Capital Requirements Directive” means Directive 2013/36/EU
the European Parliament and
the Council
26 June 2013 on access to the activity
credit institutions and the prudential supervision
credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC3 ; “Capital Requirements Regulations” means the European Union (Capital Requirements) Regulations 2014 ( S.I. No. 158
2014 ); “Common Equity Tier 1 instruments” means capital instruments that meet the conditions set out in Article 28
the Union Capital Requirements Regulation; “competent authority” means, as the context requires— (a) the authority designated under Regulation 4
the Capital Requirements Regulations, or (b) the European Central Bank with regard to specific tasks conferred on it by Council Regulation (EU) No 1024/2013; “conditions for resolution” means the conditions referred to in Regulation 62
the consolidated situation as defined in point
the Union Capital Requirements Regulation; “consolidating supervisor” means consolidating supervisor as defined in point
the Union Capital Requirements Regulation; “constitution” has the meaning assigned to it by section 2
the Act
2014 and includes, where the context requires, the memorandum and articles
association
a company established under the Companies Act 1963 (or a former enactment relating to companies (within the meaning
section 5
the Act
2014)); “conversion rate” means the factor that determines the number
shares or other instruments
ownership into which a liability
a specific class will be converted, by reference either to a single instrument
the class in question or to a specified unit
value
a debt claim; “core business lines” means business lines and associated services which represent material sources
revenue, profit or franchise value for an institution or for a group
which an institution forms part; “Council Regulation (EU) No 1024/2013” means Council Regulation (EU) No 1024/2013
15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision
credit institutions4 ; “Court” means the High Court; “covered bond” means an instrument as referred to in Article 52
Directive 2009/65/EC; “covered deposits” means covered deposits as defined in point
Directive 2014/49/EU; “credit institution” means a credit institution as defined in point
the Union Capital Requirements Regulation, not including the entities referred to in Article 2
the Capital Requirements Directive; “crisis management measure” means— (a) a resolution action, or (b) the appointment
a special manager under Regulation 115
powers to direct removal
deficiencies or impediments to recoverability under Regulation 13
powers to address or remove impediments to resolvability under Regulation 28 or 29, (c) the application
an early intervention measure under Regulation 39, (d) the appointment
a temporary administrator under Chapter 3
, or (e) the exercise
the write-down or conversion powers under Regulation 95; “critical functions” means activities, services or operations the discontinuance
which is likely in one or more Member States to lead to the disruption
services that are essential to the real economy or to disrupt financial stability due to the size, market share, external and internal interconnectedness, complexity or cross-border activities
an institution or group, with particular regard to the substitutability
those activities, services or operations; “cross-border group” means a group having group entities established in more than one Member State; “deposit guarantee scheme” means— (a) the deposit protection account referred to in the Act
2009, (b) the deposit guarantee scheme introduced and
ficially recognised by the State pursuant to Article 4
Directive 2014/49/EU, or (c) the deposit guarantee scheme introduced and
ficially recognised by another Member State pursuant to Article 4
Directive 2014/49/EU; “depositor” means a depositor as defined in point
Directive 2014/49/EU; “derivative” means a derivative as defined in point
Regulation (EU) No 648/2012; “Directive 97/9/EC” means Directive 97/9/EC
the European Parliament and
the Council
3 March 1997 on investor-compensation schemes5 ; “Directive 98/26/EC” means Directive 98/26/EC
the European Parliament and
the Council
19 May 1998 on settlement finality in payment and securities settlement systems6 ; “Directive 2001/34/EC” means Directive 2001/34/EC
the European Parliament and
the Council
28 May 2001 on the admission
securities to
ficial stock exchange listing and on information to be published on those securities7 ; “Directive 2002/47/EC” means Directive 2002/47/EC
the European Parliament and
the Council
6 June 2002 on financial collateral arrangements8 ; “Directive 2009/65/EC” means Directive 2009/65/EC
the European Parliament and
the Council on the coordination
laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS)9 ; “Directive 2014/49/EU” means Directive 2014/49/EU
the European Parliament and
the Council
16 April 2014 on deposit guarantee schemes10 ; “eligible deposits” means eligible deposits as defined in point
Directive 2014/49/EU; “eligible liabilities” means the liabilities and capital instruments that do not qualify as Common Equity Tier 1, Additional Tier 1 or Tier 2 instruments
an institution or entity referred to in Regulation 2
the bail-in tool by virtue
Regulation 80
central bank money, or any other assistance that may lead to an increase in central bank money, to a solvent financial institution, or group
solvent financial institutions, that is facing temporary liquidity problems, without such an operation being part
monetary policy; “European Banking Authority” means the authority established pursuant to Regulation (EU) No 1093/2010; “examiner” has the meaning assigned to it in section 2
the Act
2014; “extraordinary public financial support” means— (a) State aid within the meaning
the TFEU, or (b) any other public financial support at supra-national level, which, if provided for at national level, would constitute State aid, that is provided in order to preserve or restore the viability, liquidity or solvency
an institution or entity referred to in Regulation 2
a group
which such an institution or entity forms part; “financial contracts” includes the following contracts and agreements: (
a security, a group or index
securities; (ii) options on a security or group or index
securities; (iii) repurchase or reverse repurchase transactions on any such security, group or index; (
a commodity or group or index
commodities for future delivery; (ii) options on a commodity or group or index
commodities; (iii) repurchase or reverse repurchase transactions on any such commodity, group or index; (c) futures and forwards contracts, including contracts (other than a commodities contract) for the purchase, sale or transfer
a commodity or property
any other description, service, right or interest for a specified price at a future date; (
recurrent dealing in the swaps or derivatives markets; (e) inter-bank borrowing agreements where the term
the borrowing is 3 months or less; (f) master agreements for any
the contracts or agreements referred to in subparagraphs (a) to (e); “financial holding company” means a financial holding company as defined in point
the Union Capital Requirements Regulation; “financial institution” means a financial institution as defined in point
the Union Capital Requirements Regulation; “financial services legislation” has the meaning assigned to it by section 3
the Act
2013; “Fund” means the fund established under Regulation 163
the Bank; “group” means a parent undertaking and its subsidiaries; “group entity” means a legal person that is part
a group; “group financing arrangement” means the financing arrangement or arrangements
the Member State
the group-level resolution authority; “group recovery plan” means a group recovery plan drawn up and maintained in accordance with Regulation 14; “group resolution” means either— (a) the taking
resolution action at the level
a parent undertaking or
an institution subject to consolidated supervision, or (b) the coordination
the application
resolution tools and the exercise
resolution powers by resolution authorities, within the meaning
the Bank Recovery and Resolution Directive, in relation to group entities that meet the conditions for resolution; “group resolution plan” means a plan for group resolution drawn up in accordance with Regulations 21 to 23; “group resolution scheme” means a plan drawn up for the purposes
group resolution in accordance with Regulation 155; “group-level resolution authority” means either— (
ficial or voluntary), (b) the appointment
a provisional liquidator, (c) the appointment
an examiner (including the appointment
an interim examiner), (d) the appointment
an administrator under section 2
the Investor Compensation Act 1998 (No. 37
1998); “institution” means a credit institution or an investment firm; “institution under resolution” means an institution, a financial institution, a financial holding company, a mixed financial holding company, a mixed-activity holding company, a parent financial holding company in a Member State, a Union parent financial holding company, a parent mixed financial holding company in a Member State or a Union parent mixed financial holding company, in respect
which a resolution order is made; “institutional protection scheme” means an arrangement that meets the requirements
the Union Capital Requirements Regulation; “instruments
ownership” means shares, other instruments that confer ownership, instruments that are convertible into or give the right to acquire shares or other instruments
ownership, and instruments representing interests in shares or other instruments
ownership; “intra-group guarantee” means a contract by which one group entity guarantees the obligations
another group entity to a third party; “investment firm” means an investment firm, as defined in point
the Union Capital Requirements Regulation, that is subject to the initial capital requirement in Article 28
the Capital Requirements Directive; “investor” means an investor within the meaning
point
Directive 97/9/EC; “management body” has the meaning assigned to it by point
Capital Requirements Directive; “micro, small and medium-sized enterprises” means micro, small and medium-sized enterprises as defined with regard to the annual turnover criterion referred to in Article 2
the Annex to Commission Recommendation 2003/361/EC11 ; “MiFID I Regulations” means the European Communities (Markets in Financial Instruments) Regulations 2007 (S. I. No. 60
2007); “Minister” means the Minister for Finance; “mixed financial holding company” means a mixed financial holding company as defined in point
the Union Capital Requirements Regulation; “mixed-activity holding company” means a mixed-activity holding company as defined in point
the Union Capital Requirements Regulation; “national macroprudential authority” means the authority in the State entrusted with the conduct
macroprudential policy referred to in Recommendation B1
the Recommendation
the European Systemic Risk Board
22 December 2011 on the macroprudential mandate
national authorities (ESRB/2011/3)12 ; “netting arrangement” means an arrangement under which a number
claims or obligations can be converted into a single net claim, including close-out netting arrangements under which, on the occurrence
an enforcement event (however or wherever defined) the obligations
the parties are accelerated so as to become immediately due or are terminated, and in either case are converted into or replaced by a single net claim, including “close-out netting provisions” as defined in point (n)(i)
Directive 2002/47/EC and “netting” as defined in point (k)
Directive 98/26/EC; “normal insolvency proceedings” means collective insolvency proceedings which entail the partial or total divestment
a debtor and the appointment
a liquidator or an administrator normally applicable to institutions under national law (including under any enactment or rule
law) and either specific to those institutions or generally applicable to any natural or legal person; “own funds” means own funds as defined in point
the Union Capital Requirements Regulation; “own funds requirements” means the requirements
Articles 92 to 98
the Union Capital Requirements Regulation; “parent financial holding company in a Member State” means a parent financial holding company in a Member State as defined in point
the Union Capital Requirements Regulation; “parent institution in a Member State” means a parent institution in a Member State as defined in point
the Union Capital Requirements Regulation; “parent mixed financial holding company in a Member State” means a parent mixed financial holding company in a Member State as defined in point
the Union Capital Requirements Regulation; “parent undertaking” means a parent undertaking as defined in point
the Union Capital Requirements Regulation; “personal data” has the meaning assigned to it by section 1
the Data Protection Act 1988 (No. 25
1988); “recipient” means the entity to which shares, other instruments
ownership, debt instruments, assets, rights or liabilities, or any combination
those items are transferred from an institution under resolution; “recovery capacity” means the capability
an institution to restore its financial position following a significant deterioration; “recovery plan” means a recovery plan drawn up and maintained by an institution in accordance with Regulation 11; “regulated market” means a regulated market as defined in— (a) Regulation 3
the MiFID I Regulations, or (b) point
the MiFID I Directive, as the context requires; “Regulation (EU) No 1093/2010” means Regulation (EU) No 1093/2010
the European Parliament and
the Council
24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC13 ; “Regulation (EU) No 1094/2010” means Regulation (EU) No 1094/2010
the European Parliament and
the Council
24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/79/EC14 ; “Regulation (EU) No 648/2012” means Regulation (EU) No 648/2012
the European Parliament and
the Council
4 July 2012 on OTC derivatives, central counterparties and trade repositories15 ; “relevant capital instruments”, for the purposes
Regulations 79 to 94 and Chapter 4
, means Additional Tier 1 instruments and Tier 2 instruments; “relevant parent institution” means a parent institution in a Member State, a Union parent institution, a financial holding company, a mixed financial holding company, a mixed-activity holding company, a parent financial holding company in a Member State, a Union parent financial holding company, a parent mixed financial holding company in a Member State or a Union parent mixed financial holding company in relation to which the bail-in tool is applied; “relevant third-country authority” means a third-country authority responsible for carrying out functions comparable to those
resolution authorities or competent authorities pursuant to the Bank Recovery and Resolution Directive; “resolution” means the application
a resolution tool in order to achieve one or more
the resolution objectives referred to in Regulation 61
a resolution tool, or the exercise
one or more resolution powers; “resolution authority” means the authority designated under Regulation 4; “resolution college” means a college established in accordance with Regulation 152 to carry out the tasks mentioned in paragraph
that Regulation; “resolution objectives” means the resolution objectives referred to in Regulation 61
business tool” means the mechanism for effecting a transfer by either— (
a Union resolution authority concerned) in a Member State other than the State,
shares or other instruments
ownership issued by an institution under resolution, or assets, rights or liabilities
an institution under resolution to a purchaser that is not a bridge institution, in accordance with, as the case may be— (i) Regulation 69, or (ii) Article 38
the Bank Recovery and Resolution Directive; “secured liability” means a liability where the right
the creditor to payment or other form
performance is secured by a charge, pledge or lien, or collateral arrangements including liabilities arising from repurchase transactions and other title transfer collateral arrangements; “senior management” means senior management as defined in Regulation 3
the Capital Requirements Regulations; “set-
f arrangement” means an arrangement under which 2 or more claims or obligations owed between the institution under resolution and a counterparty can be set
f against each other; “shareholders” means shareholders or holders
other instruments
ownership; “significant branch” means a branch that would be considered to be significant in a host Member State in accordance with Article 51
the Capital Requirements Directive; “special manager” shall be construed in accordance with Regulation 115
the Union Capital Requirements Regulation; “supervisory college” means a college
supervisors established in accordance with Article 116
the Capital Requirements Directive or Regulation 104
the Capital Requirements Regulations; “suspension notice”, for the purposes
, shall be construed in accordance with Regulation 49; “termination right” means a right to terminate a contract, a right to accelerate, close out, set-
f or net obligations or any similar provision that suspends, modifies or extinguishes an obligation
a party to the contract or a provision that prevents an obligation under the contract from arising that would otherwise arise; “TFEU” means the Treaty on the Functioning
the European Union; “third county” means a country other than the State or a Member State; “third-country institution” means an entity, the head
fice
which is established in a third country, that would, if it were established within the Union, be covered by the definition
an institution; “third-country parent undertaking” means a parent undertaking, a parent financial holding company or a parent mixed financial holding company established in a third country; “third-country resolution authority” means the authority
a third country that carries out the functions and duties
a resolution authority in that country; “third-country resolution proceedings” means an action under the law
a third country to manage the failure
a third-country institution or a third-country parent undertaking that is comparable, in terms
objectives and anticipated results, to resolution actions under the Bank Recovery and Resolution Directive; “Tier 2 instruments” means capital instruments or subordinated loans that meet the conditions set out in Article 63
the Union Capital Requirements Regulation; “title transfer financial collateral arrangement” means a title transfer financial collateral arrangement as defined in point (b)
Directive 2002/47/EC; “transfer powers” means the powers specified in Regulation 111
ownership, debt instruments, assets, rights or liabilities, or any combination
those items from an institution under resolution to a recipient; “Union” means the European Union; “Union branch” means a branch
a third-country institution located in a Member State; “Union Capital Requirements Regulation” means Regulation (EU) No 575/2013
the European Parliament and
the Council
26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/201216 ; “Union competent authority” means the body or bodies designated by a Member State, other than the State, to act as a competent authority for the purposes
the EU Capital Requirements Directive and the Union Capital Requirements Regulation; “Union macroprudential authority” means an authority in a Member State, other than the State, entrusted with the conduct
macroprudential policy referred to in Recommendation B1
the Recommendation
the European Systemic Risk Board
22 December 2011 on the macroprudential mandate
national authorities (ESRB/2011/3); “Union parent financial holding company” means an EU parent financial holding company as defined in point
the Union Capital Requirements Regulation; “Union parent institution” means an EU parent institution as defined in point
the Union Capital Requirements Regulation; “Union parent mixed financial holding company” means an EU parent mixed financial holding company as defined in point
the Union Capital Requirements Regulation; “Union parent undertaking” means a Union parent institution, a Union parent financial holding company or a Union parent mixed financial holding company; “Union resolution authority” means the body or bodies designated by a Member State, other than the State, to act as a resolution authority for the purposes
the Bank Recovery and Resolution Directive; “Union State aid framework” means the framework established by Articles 107, 108 and 109
the TFEU and Regulations and all Union acts, including guidelines, communications and notices, made or adopted pursuant to Article 108
the TFEU; “Union subsidiary” means an institution which is established in a Member State and which is a subsidiary
a third-country institution or a third-country parent undertaking; “winding up” means the realisation
assets
an institution or entity referred to in Regulation 2
the Act
2014; “write-down and conversion powers” means the powers referred to in Regulations 95
a resolution authority provided for in the Bank Recovery and Resolution Directive.
the designation
the resolution authority under paragraph
this Regulation, the resolution authority shall adopt and, as soon as practicable after their adoption, publish on the website
the Bank any necessary relevant internal rules (including rules regarding professional secrecy) on information exchanges between it and other functional areas
the Bank.
resolution decisions, shall cooperate closely with staff
the competent authority.
the functions
a competent ministry referred to in Article 3
the Bank Recovery and Resolution Directive.
the decision in all the Member States where the institution or the group concerned operates, and (b) minimise the negative effects on financial stability and negative economic and social effects in those Member States. Funding
resolution authority. 5. The Bank shall provide, pursuant to section 32D
the Act
1942, the resolution authority with such funds as the Governor considers necessary to enable that authority to perform and exercise its functions. Bank as resolution authority and competent authority. 6. In these Regulations, the functions and duties
the Bank as resolution authority and as competent authority in the State shall be carried out in accordance with Regulation 7 and references to the functions and duties
the resolution authority and competent authority designated in the State shall be construed accordingly. Resolution authority and Bank. 7.
paragraph
the Bank Recovery and Resolution Directive shall be structurally separate from and subject to separate reporting lines from the staff involved in carrying out the supervision tasks
the competent authority or other functions
the Bank.
the resolution authority under these Regulations.
paragraph
the functions referred to in that paragraph to a Head
Function (within the meaning given by section 2
the Act
1942) or an
ficer or employee
the Bank.
interest between the Bank’s— (a) functions as a resolution authority for the purposes
the Bank Recovery and Resolution Directive, and (b) other functions (including, in particular, its supervision functions pursuant to the Union Capital Requirements Regulation and the Capital Requirements Regulations).
information necessary for the performance
functions under the Bank Recovery and Resolution Directive and these Regulations, or (b) the performance
functions in relation to the preparation, planning and application
resolution decisions.
their functions arising under the treaties governing the European Union (within the meaning given by section 1 (as amended by section 2
the European Union Act 2009 (No. 33
2009))
the European Communities Act 1972 (No. 27
1972)) or the ESCB Statute (within the meaning given by section 2
the Act
1942). Designated national macroprudential authority. 8. The Bank is designated as the national macroprudential authority in the State entrusted with the conduct
macroprudential policy referred to in Recommendation B1
the Recommendation
the European Systemic Risk Board
22 December 2011 on the macroprudential mandate
national authorities (ESRB/2011/3). Minister and resolution authority. 9.
the following decisions taken under these Regulations: (
resolution; (d) a decision to notify the group-level resolution authority, the consolidating supervisor and the members
the resolution college for a group pursuant to Regulation 155
the resolution college for a group pursuant to Regulation 156
the European resolution college; (i) a decision to resolve a Union branch under Regulation 160.
the Fund will be required for the effective application
the resolution tools, and (
the Fund, or (c) the decision is likely to have systemic implications.
paragraph
the financial system or the economy
the State. Part 2 Preparation Chapter 1 Recovery and resolution planning General provision Simplified obligations for certain institutions. 10.
an institution could have, due to the nature
its business, (b) whether failure and subsequent winding up
an institution under normal insolvency proceedings would be likely to have a significant negative effect on financial markets, on other institutions, on funding conditions or on the wider economy, and (c) the matters mentioned in paragraph
recovery plans provided for in Regulations 11 to 16; (ii) the date by which the first recovery plan is to be drawn up and the frequency for updating recovery plans, which may be less frequent than that provided for in Regulation 11
the information required from the institution concerned as provided for in— (I) Regulation 11
the Schedule.
an institution could have, due to the nature
its business, (b) whether failure and subsequent winding up
an institution under normal insolvency proceedings would be likely to have a significant negative effect on financial markets, on other institutions, on funding conditions or on the wider economy, and (c) the matters mentioned in paragraph
resolution plans provided for in Regulations 17 to 21; (ii) the date by which the first resolution plan is to be drawn up and the frequency for updating resolution plans, which may be less frequent than that provided for in— (I) Regulation 17
the information required from the institution concerned as provided for in Regulations 20
the Schedule; (iv) the level
detail for the assessment
resolvability provided for in— (I) Regulations 26 and 27, and (II) Part 3
the Schedule.
the institution’s activities; (f) the institution’s membership
an institutional protection scheme or other co-operative mutual solidarity systems as referred to in Article 113
the Union Capital Requirements Regulation; (g) any exercise
investment services or activities as defined in Regulation 3
the MiFID I Regulations.
simplified obligations under paragraph
the competent authority and, where relevant, the resolution authority to take a crisis prevention measure or a crisis management measure.
— (a) recovery planning or resolution planning obligations to institutions affiliated to a central body and wholly or partially exempted from prudential requirements in national law (including under any enactment or rule
law) in accordance with Article 10
the Union Capital Requirements Regulation, or (b) recovery planning obligations to institutions which are members
an institutional protection scheme.
Regulations 11 to 25 on a consolidated basis to the central body and institutions affiliated to it within the meaning
the Union Capital Requirements Regulation, and (b) require the institutional protection scheme to fufil the requirements
Regulations 11 to 16 in cooperation with each
its waived members.
paragraph
the Union Capital Requirements Regulation, and their subsidiaries, and any reference to parent undertaking or institutions that are subject to consolidated supervision pursuant to Article 111
the Capital Requirements Directive shall include the central body.
Council Regulation (EU) No 1024/2013, or (b) the operations
the institution concerned constitute a significant share in the financial system
the State, and that institution shall accordingly draw up its own recovery plans in accordance with Regulations 11 to 16 and shall be the subject
an individual resolution plan in accordance with Regulations 17 to 25.
paragraph
an institution shall be considered to constitute a significant share
the State’s financial system where any
the following conditions are met: (a) the total value
that institution’s assets exceeds €30,000,000,000; (b) the ratio
that institution’s total assets to the GDP
the Member State
establishment exceeds 20%, unless the total value
its assets is below €5,000,000,000.
the manner in which they have applied paragraphs
a group subject to consolidated supervision pursuant to Regulations 99 and 100
the Capital Requirements Regulations shall draw up and maintain a recovery plan that shall set out measures to be taken by the institution to restore its financial position following a significant deterioration
its financial position.
paragraph
the Schedule as well as such other information as may be required in writing by the competent authority.
scenarios
severe macroeconomic and financial stress relevant to the institution’s specific conditions and such plans should include scenarios based on both system-wide adverse conditions and adverse conditions specific to individual legal entities and to groups and (b) include appropriate conditions and procedures to ensure the timely implementation
recovery actions as well as a wide range
recovery options to restore the institution’s financial position.
options for recovery actions to restore the institution’s financial position and shall set out appropriate preparatory measures and procedures to enable the timely implementation
recovery actions.
extraordinary public financial support but a recovery plan shall include, where relevant, an analysis
how and when the institution may apply to access central bank liquidity facilities and identify those assets which would be expected to qualify as collateral.
the institution concerned shall assess and approve the recovery plan before it is submitted to the competent authority.
Regulations 61 and 62
the Capital Requirements Regulations. Records
financial contacts. 12.
financial contracts to which it is a party.
a recovery plan submitted by the institution concerned.
the competent authority under paragraph
recovery plans. 13.
the competent authority that those plans meet the requirements and criteria referred to in paragraph
submission
a recovery plan under paragraph
any Member State where significant branches are located insofar as is relevant to that branch, review the plan and assess the extent to which it satisfies the requirements set out in Regulation 11 and the following criteria: (a) the implementation
the arrangements proposed in the plan is reasonably likely to maintain or restore the viability and financial position
the institution or
the group, taking into account the preparatory measures that the institution has taken or plans to take; (b) the plan and specific options within the plan are reasonably likely to be implemented quickly and effectively in situations
financial stress avoiding to the maximum extent possible any significant adverse effect on the financial system, including in scenarios which would lead other institutions to implement recovery plans within the same period.
a recovery plan, shall consider the appropriateness
an institution’s capital and funding structure in light
the institution’s risk profile and the level
complexity
its organisational structure.
an institution’s recovery plan to the resolution authority and the resolution authority shall examine the recovery plan with a view to identifying any actions in the recovery plan which may adversely impact the resolvability
the institution and may make recommendations on those matters to the competent authority.
its assessment in writing and direct the institution to submit not later than 2 months, extendable by one month with the competent authority’s approval,
the date
such notice a revised plan demonstrating how those deficiencies or impediments are addressed.
, the recovery plan.
the deficiencies and impediments and the effect
the measures on the institution’s business and, where so directed, the institution concerned shall take such measures.
the Capital Requirements Regulations or to the competent authority’s other powers, direct an institution in writing to do one or more
the following: (
the core business lines and critical functions; (e) make changes to its governance structure.
A
the Act
1942. Group recovery plans. 14.
a recovery plan for the group headed by the parent or the Union parent undertaking as a whole, and (b) identify measures which may be required to be implemented at the level
the parent or Union parent undertaking or at the level
a subsidiary.
a Union parent undertaking, the competent authority may direct the subsidiary to draw up and submit a recovery plan on an individual basis and, in such cases, the provisions
Regulations 11 to 13 shall apply.
the Bank Recovery and Resolution Directive are in place in other Member States, the competent authority shall transmit the group recovery plan to the following: (a) the relevant competent authorities referred to in Articles 115 and 116
the Capital Requirements Directive; (b) the Union competent authorities
the Member States where significant branches are located, insofar as the group recovery plan is relevant to that branch; (c) the resolution authority; (d) the Union resolution authorities
subsidiaries.
— (a) achieving the stabilisation
the group as a whole, or any institution
the group, (b) addressing or removing the causes
the financial deterioration for the group or institution, and (c) restoring the financial position
the group or the institution, while also taking into account the financial position
other group entities.
measures to be taken at the level
— (
intra-group financial support pursuant to an agreement concluded in accordance with Chapter 3.
options for recovery actions to be taken in the scenarios provided for in Regulation 11
the scenarios referred to in paragraph
recovery measures within the group, including at the level
individual entities covered by the plan, and whether there are substantial practical or legal impediments to the prompt transfer
own funds or the repayment
liabilities within the group.
the parent or the Union undertaking drawing up the group recovery plan pursuant to paragraph
group recovery plans. 15.
subsidiaries, after consulting the competent authorities referred to in Article 116
the Capital Requirements Directive and with the Union competent authorities
significant branches insofar as is relevant to the significant branch, review the group recovery plan and assess the extent to which it satisfies the requirements and criteria set out in Regulations 13 and 14.
the recovery actions and measures on financial stability in all Member States in which the group operates.
subsidiaries on the following: (a) the review and assessment
the group recovery plan; (b) whether a recovery plan on an individual basis will be drawn up for institutions that are part
the group; (c) the application
the measures referred to in Regulation 13
a subsidiary
a Union parent undertaking, it shall endeavour to reach a joint decision with the consolidating supervisor on the matters referred to in paragraph
the transmission
the group recovery plan in accordance with Regulation 14
Regulation (EU) No 1093/2010, or (b) in reaching an agreement in accordance with Article 19
Regulation (EU) No 1093/2010 in relation to the assessment
recovery plans and implementation
the measures provided for in Regulation 13
the four-month period or after a joint decision has been reached.
the date
transmission on— (a) the review and assessment
the group recovery plan, or (b) any measures the Union parent undertaking is required to take in accordance with Regulation 13
Union competent authorities expressed during the four-month period.
the four-month period referred to in paragraph
Regulation (EU) No 1093/2010, the competent authority shall defer the decision and await any decision that that other authority may take in accordance with Article 19
that Regulation, and shall take its decision in accordance with any decision
that other authority.
the competent authority as consolidating supervisor shall apply.
a subsidiary
a Union parent undertaking and it and the Union competent authorities have not made a joint decision within 4 months
the date
transmission on— (
the measures referred to in Regulation 13
the competent authority in relation to the subsidiary shall apply.
those other competent authorities.
a joint decision under this Regulation shall be recognised as conclusive and applied by the competent authority.
paragraphs
Regulation (EU) No 1093/2010.
the competent authority under paragraph
A
the Act
1942. Recovery plan indicators. 16.
indicators established by the institution or group that identify the points at which appropriate actions referred to in the plan may be taken.
the framework
indicators referred to in paragraph
indicators referred to in paragraph
the assessment
the recovery plan in accordance with Regulations 13 and 15, (b) shall be capable
being monitored easily, and (c) may include indicators
a qualitative or quantitative nature relating to the financial position
the institution or group.
the institution or group considers it appropriate in the circumstances, or (b) refrain from taking such an action where, although the relevant indicator has been met, the management body
the institution or group does not consider it appropriate in the circumstances.
a group subject to consolidated supervision pursuant to Articles 111 and 112
the Capital Requirements Directive.
any significant branches
the institution outside the State insofar as is relevant to the significant branch.
the institution or to its business or its financial position that could have a material effect on the effectiveness
the plan or otherwise necessitates a revision
the resolution plan.
the revision or update
the resolution plans referred to in paragraphs
the plans and, where required, institutions shall provide such assistance, and (b) institutions and, where it becomes aware, the competent authority shall promptly communicate to the resolution authority any change that necessitates such a revision or update.
general financial instability or system-wide adverse events; (b) scenarios in which its failure is caused by institution-specific factors.
the institution, the resolution authority shall not assume any
the following: (a) any extraordinary public financial support, other than through the use
the Fund; (
how and when an institution may apply, under the scenarios considered in the plan, to access the Bank’s, or another central bank’s, liquidity facilities and identify those assets which would be expected to qualify as collateral. Contents
resolution plan. 18.
the key elements
the plan; (b) a summary
any material changes to the institution that have occurred since the most recent resolution information was provided to the resolution authority by the institution pursuant to Regulation 20; (c) a demonstration
how any critical functions and core business lines could be legally and economically separated, to the extent necessary, from other functions so as to ensure continuity upon the failure
the institution; (d) an estimation
the timeframe for executing each material aspect
the plan; (e) a detailed description
the assessment
resolvability carried out in accordance with Regulations 17
any measures required pursuant to Regulation 28 to address or remove impediments to resolvability identified as a result
the assessment carried out in accordance with Regulation 26; (g) a description
the processes for determining the value
the critical functions, core business lines and assets
the institution, and the extent to which these could be readily sold to another party; (h) a detailed description
the arrangements for ensuring that the information required pursuant to Regulation 20 is up to date and at the disposal
the resolution authority and the Union resolution authorities at all times; (i) an explanation
how the resolution options could be financed without assuming access to any
the sources mentioned in Regulation 17
the different resolution strategies that could be applied under different scenarios and the timeframe for the implementation
these strategies; (k) a description
any critical interdependencies; (l) a description
measures to preserve access to payments and clearing services and other infrastructures, and an assessment
the portability
client positions; (m) an analysis
the impact
the plan on the employees
the institution, including an assessment
any associated costs, and a description
any envisaged procedures to consult employees during the resolution process; (
the minimum requirement for own funds and eligible liabilities pursuant to Regulation 81
the minimum requirement for own funds and eligible liabilities which the institution is required to meet through contractual bail-in instruments pursuant to Regulation 84
essential operations and systems and plans for maintaining the continuous functioning
the institution’s operational processes; (r) where applicable, any opinion expressed by the institution in relation to the resolution plan. Maintenance and production
information for purpose
resolution plans. 19.
financial contracts to which it is a party and, where so directed, the institution concerned shall maintain such records.
producing those records
financial contracts on request and the resolution authority may set different time limits for different types
financial contracts but the same time limits shall apply to all institutions. Information for purpose
resolution plans and cooperation from institution. 20.
resolution plans, and (b) provide the resolution authority with all information necessary to prepare, update and implement resolution plans, including the items specified in Part 2
the Schedule.
facilitating a determination in accordance with Regulation 80
the operations
the institution, including supplier names and details
contracts.
the competent authority, the competent authority shall provide it to the resolution authority upon written request. Resolution plans for institutions that are part
a group. 21.
subsidiaries
the group outside the State, and (b) having consulted the Union resolution authorities
significant branches
the group outside the State in so far as is relevent to the significant branch, prepare the group resolution plan on the basis
information provided to it in accordance with Regulation 20.
the group as a whole, either through resolution at the level
the Union parent undertaking or through break-up and resolution
the subsidiaries.
— (
the group located in the Union, (c) entities referred to in Regulation 2
the group located outside the Union.
the entities referred to in Regulation 2
subsidiary institutions, in the scenarios provided for in Regulation 17
— (
group entities, (
group entities within the Union, and (
particular functions or business lines, that are necessary to facilitate group resolution when the conditions for resolution are met, (f) set out any additional actions, not referred to in these Regulations, which the resolution authority intends to take in relation to the resolution
the group, and (g) identify how the group resolution actions could be financed and, where use
the Fund would be required, set out principles, in accordance with paragraph
the group, the resolution authority shall not assume any
the following: (a) any extraordinary public financial support, other than through the use
the Fund; (
the resolvability
the group pursuant to Regulation 27 and shall include a detailed description
this assessment
resolvability in the group resolution plan.
subsidiaries outside the State, have regard to the need to ensure that the group resolution plan does not have a disproportionate impact on any Member State. Requirement and procedure for group resolution plans. 22.
subsidiaries; (c) the Union resolution authorities
jurisdictions in which significant branches are located insofar as is relevant to the significant branch; (d) the relevant competent authorities referred to in Regulations 103 and 104
the Capital Requirements Regulations; (e) the Union resolution authorities
Member States where entities referred to in Regulation 2
the relevant third-country competent authority or third-country resolution authority concerned. Resolution authority as group-level resolution authority. 23.
the Bank Recovery and Resolution Directive through resolution colleges.
the jurisdictions in which any significant branches are located.
the Bank Recovery and Resolution Directive and Regulation 162, in preparing the plan referred to in paragraph
jurisdictions in which the group has established subsidiaries or financial holding companies or significant branches as referred to in Article 51
the Capital Requirements Directive.
any change to— (
a group (including any group entity) that could have a material effect on, or require a change to, a group resolution plan, it shall promptly inform the resolution authority in writing.
the group including any group entity that could have a material effect on or require a change to the plan.
group resolution plan. 24.
the resolution authority and Union resolution authorities
subsidiaries in other Member States.
the date
transmission
the information, referred to in Regulation 22
Regulation (EU) No 1093/2010 but the resolution authority shall not refer the matter to that other authority after the end
the four-month period or after a joint decision has been reached.
the group resolution plan.
Union resolution authorities, and (c) be provided to the Union parent undertaking by the resolution authority.
the four-month period referred to in paragraph
Regulation (EU) No 1093/2010, the resolution authority shall defer the decision and await any decision that that other authority may take in accordance with Article 19
that Regulation, and shall take its decision in accordance with any decision
that other authority.
Regulation (EU) No 1093/2010 and where the European Banking Authority has not made a decision within one month
the end
that four-month period, the decision
the resolution authority as group-level resolution authority shall apply.
that subsidiary for the purposes
the Bank Recovery and Resolution Directive, the resolution authority shall endeavour to reach a joint decision with other resolution authorities on the adoption
the group resolution plan for that group.
the subsidiary, shall make its own decision and shall draw up and maintain a resolution plan for the entities under its jurisdiction.
the Union competent authorities and Union resolution authorities concerned, and (d) be notified to the other members
the resolution college by the resolution authority.
the four-month period referred to in paragraph
Regulation (EU) No 1093/2010, the resolution authority shall defer the decision and await any decision that that other authority may take in accordance with Article 19
that Regulation, and shall take its decision in accordance with any decision
that other authority.
Regulation (EU) No 1093/2010 and where the European Banking Authority has not made a decision within one month
the end
that four-month period, the decision
the resolution authority in relation to the subsidiary shall apply.
the Bank Recovery and Resolution Directive, the resolution authority shall not be prevented from reaching a joint decision with the relevant Union resolution authorities on a group resolution plan covering the group entities in the State and in the Member States
those other resolution authorities.
a joint decision under Article 13
the Bank Recovery and Resolution Directive shall be recognised as conclusive and applied by the resolution authority.
that plan if any
the Union resolution authorities responsible for subsidiaries in other Member States assesses under Article 13
the Bank Recovery and Resolution Directive that the group resolution plan impinges on the fiscal responsibilities
its Member State.
the Bank Recovery and Resolution Directive
that subsidiary, (b) a joint decision has been taken by one or more
the relevant Union resolution authorities in relation to the group resolution plan, and (c) the resolution authority disagrees with some or all
the group resolution plan, the resolution authority may assess whether the subject matter
the disagreement might in any way impinge on the fiscal responsibilities
the State.
the resolution college
any determination that some or all
a group resolution plan may impinge on the fiscal responsibilities
the State. Transmission
resolution plans by resolution authority. 25.
resolvability for institutions. 26.
the jurisdictions in which a significant branch is located insofar as is relevant to the significant branch, assess the extent to which an institution which is not part
a group is resolvable without the assumption
any
the matters referred to in Regulation 17
— (
the institution, or (
general financial instability or adverse system-wide events within the State or other Member States or the Union, and (c) ensuring the continuity
any critical functions carried out by the institution.
an institution, the resolution authority shall, at a minimum, examine the matters specified in Part 3
the Schedule.
preparing and updating, the resolution plan in accordance with Regulation 17. Assessment
resolvability for groups. 27.
subsidiaries
that group, assess the extent to which groups are resolvable without the assumption
any
the matters referred to in Regulation 17
subsidiaries; (c) Union resolution authorities
the jurisdictions in which significant branches are located insofar as is relevant to the significant branch.
subsidiaries
that group, assesses that it is feasible and credible that the resolution authorities would be capable
— (
group entities, or (
general financial instability or adverse system-wide events within the State or other Member States or the Union, and (c) ensuring the continuity
any critical functions carried out by the group, where they can easily be separated in a timely manner, or by other means.
group resolvability shall be taken into consideration by the resolution colleges referred to in Regulation 152.
this assessment
group resolvability referred to in paragraph
the Schedule.
group resolvability under this Regulation at the same time as and for the purposes
preparing and updating the group resolution plan in accordance with Regulation 21 and in making the assessment, the resolution authority shall comply with the decision-making procedure set out in Reglations 22 to 24.
an institution in accordance with Regulations 26 and 27, and has determined that there are substantive impediments to the resolvability
that institution, it shall notify that determination, and those impediments, in writing to the following: (
jurisdictions in which any significant branches
the institution are located.
the date
receipt
a notification under paragraph
a notification under paragraph
those measures on— (
the institution, its stability and its ability to contribute to the economy, and (c) demonstrate how the the alternative measures proposed would be proportionate in removing the impediments to resolvability.
a direction under paragraph
paragraph
the following measures: (
critical functions; (
new or existing business lines or sale
new or existing products; (h) make changes to legal or operational structures
the institution or any group entity, either directly or indirectly under its control, in order to reduce complexity and ensure that critical functions can be legally and operationally separated from other functions through the application
the resolution tools; (
Regulation 81; (k) take other steps to meet the minimum requirement for own funds and eligible liabilities under Regulation 81, including in particular to attempt to renegotiate any eligible liability, additional Tier 1 instrument or Tier 2 instrument it has issued, with a view to ensuring that any decision
the resolution authority to write-down or convert that liability or instrument would be effected under the law
the jurisdiction governing that liability or instrument; (l) where an institution is the subsidiary
a mixed-activity holding company, require the mixed-activity holding company to set up a separate financial holding company to control the institution where this is necessary to facilitate the resolution
the institution and to avoid resolution action adversely affecting the non-financial part
the group.
the institution concerned.
A
the Act
1942. Powers to address or remove impediments to resolvability: group treatment. 29.
subsidiaries, consider the assessment under Regulation 27 within the resolution college and shall endeavour to reach a joint decision on the application
measures identified in accordance with Regulation 28
the group.
resolvability, the resolution authority and the relevant Union resolution authorities shall consult the supervisory college and the Union resolution authorities
any jurisdictions in which significant branches are located insofar as is relevant to the significant branch.
the resolution tools and the exercise
the resolution powers in relation to the group.
a joint decision under this Regulation shall be recognised as conclusive and applied by the resolution authority.
Regulation (EU) No 1093/2010, after consulting the Union competent authorities concerned.
the group concerned; (b) the Union resolution authorities
subsidiaries, which will provide it to the subsidiaries under their remit; (c) the Union resolution authorities
any jurisdictions in which significant branches are located.
a subsidiary for the purposes
the Bank Recovery and Resolution Directive, and a group-level resolution authority submits a report to the resolution authority in accordance with Article 18
the Bank Recovery and Resolution Directive, the resolution authority shall transmit that report to the subsidiary.
the date
receipt
the report referred to in paragraph
subsidiaries
the group; (d) the Union resolution authorities
any jurisdictions in which significant branches are located insofar as is relevant to the significant branch.
the subsidiaries within the resolution college regarding the identification
the material impediments and, if necessary, the assessment
the measures proposed by the parent undertaking and the measures required by the authorities to address or remove the impediments, which shall take into account the potential impact
the measures in all the Member States where the group operates.
subsidiaries; (c) the Union resolution authorities
any jurisdictions in which significant branches are located insofar as is relevant to the significant branch.
the submission
any observations by the parent undertaking, under paragraph
the four-month period referred to in that paragraph
the Bank Recovery and Resolution Directive, may request the European Banking Authority to assist in reaching a joint decision in accordance with Article 31(c)
Regulation (EU) No 1093/2010 or, where the joint decision concerns any measure referred to in subparagraphs (h), (i) and (l)
Regulation 28
that Regulation.
the four-month period or after a joint decision has been reached.
subsidiaries, it shall make its own decision on any appropriate measures to be taken in under Regulation 28
the relevant Union resolution authorities, and (b) shall be provided by the resolution authority along with the reasons for the decision to the parent undertaking.
the Bank Recovery and Resolution Directive,
a subsidiary has referred a direction to require the group to take any measure, referred to in subparagraphs (h), (i) and (l)
Regulation 28
the four-month period referred to in paragraph
Regulation (EU) No 1093/2010.
that other authority and the four-month period referred to in paragraph
Regulation (EU) No 1093/2010.
the resolution authority as group-level resolution authority shall apply.
a subsidiary for the purposes
the Bank Recovery and Resolution Directive, it shall endeavour to reach a joint decision with the Union resolution authorities within the resolution college regarding the identification
material impediments to the resolvability
the group and if necessary the assessment
measures proposed by the parent undertaking and any measures required by the resolution authorities to address or remove those impediments.
the Union resolution authorities, and (b) shall be provided by the resolution authority along with the reasons for the decision to the subsidiary and to the group-level resolution authority.
the four-month period, the resolution authority shall defer its decision under paragraph
Regulation (EU) No 1093/2010.
that other authority and the four-month period shall be deemed t
AI explanation based on the official legal text. Indicative, not a substitute for legal advice.