S.L. 330.9 Art. 10Resolution plans.

(1) The Resolution Committee, after consulting the

Authority and after consulting the European resolution authorities of the jurisdictions in which any significant branches are located insofar as is relevant to the significant branch, shall draw up a resolution plan for each institution that is not part of a group subject to consolidated supervision pursuant to regulations 3 and 4 of the Supervisory Consolidation Regulations. The resolution plan shall provide for the resolution actions which the Resolution Committee may take where the institution meets the conditions for resolution. Information referred to in sub-regulation (7)(a) shall be disclosed to the institution concerned.

(2) When drawing up the resolution plan, the Resolution Committee shall identify any material impediments to resolvability and, where necessary and proportionate, outline relevant actions for how those impediments could be addressed, according to regulations 15 to 18.

(3) The resolution plan shall take into consideration relevant scenarios including that the event of failure may be idiosyncratic or may occur at a time of broader financial instability or system wide events. The resolution plan shall not assume any of the following:

(a) extraordinary public financial support besides the use of the financing arrangements established in accordance with regulation 100;

(b) any central bank emergency liquidity assistance; or

(c) any central bank liquidity assistance provided under non-standard collateralisation, tenor and interest rate terms.

(4) The resolution plan shall include an analysis of how and when an institution may apply, in the conditions addressed by the plan, for the use of central bank facilities and shall identify those assets which would be expected to qualify as collateral.

(5) The Resolution Committee may require institutions to assist them in the drawing up and updating of the plans.

(6) Resolution plans shall be reviewed, and where appropriate updated, at least annually and after any material changes to the legal or organisational structure of the institution or to its business or its financial position that could have a material effect on the effectiveness of the plan or otherwise necessitates a revision of the resolution plan: Provided further that, the review referred to in this sub-regulation shall be carried out after the implemenation of resolution actions or the exercise of powers referred to in regulation 59.

(7) Without prejudice to regulation 4, the resolution plan shall set out options for applying the resolution tools and resolution powers referred to in Title IV of the BRRD to the institution. It shall include, quantified whenever appropriate and possible:

(a) a summary of the key elements of the plan;

(b) a summary of the material changes to the institution that have occurred after the latest resolution information was filed;

(c) a demonstration of how 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 of the institution;

(d) an estimation of the time-frame for executing each material aspect of the plan;

(e) a detailed description of the assessment of resolvability carried out in accordance with sub-regulation (2) and with regulation 15;

(f) a description of any measures required pursuant to regulation 17 to address or remove impediments to resolvability identified as a result of the assessment carried out in accordance with regulation 15;

(g) a description of the processes for determining the value and marketability of the critical functions, core business lines and assets of the institution;

(h) a detailed description of the arrangements for ensuring that the information required pursuant to regulation 11 is up to date and at the disposal of the Resolution Committee at all times;

(i) an explanation by the Resolution Committee as to how the resolution options could be financed without the assumption of any of the following:

(i) extraordinary public financial support besides the use of the financing arrangements established in accordance with regulation 100;

(ii) any central bank emergency liquidity assistance; or

(iii) any central bank liquidity assistance provided under non-standard collateralisation, tenor and interest rate terms;

(j) a detailed description of the different resolution strategies that could be applied according to the different possible scenarios and the applicable time-scales;

(k) a description of critical interdependencies;

(l) a description of options for preserving access to payments and clearing services and other infrastructures and, an assessment of the portability of clients positions;

(m) an analysis of the impact of the plan on the employees of the institution, including an assessment of any associated costs, and a description of envisaged procedures to consult staff during the resolution process, taking into account national systems for dialogue with social partners where applicable;

(n) a plan for communicating with the media and the public;

(o) the requirements referred to in regulations 45E and 45F and a deadline to reach that level in accordance with regulation 45L;

(p) where the Resolution Committee applies regulation 45B(4), (5) or (7), a timeline for compliance by the resolution entity in accordance with regulation 45L;

(q) a description of essential operations and systems for maintaining the continuous functioning of the institution’s operational processes;

(r) where applicable, any opinion expressed by the institution in relation to the resolution plan. Provided that, when setting the deadlines referred to in paragraphs (o) and (p) in the circumstances referred to in the second proviso of sub-regulation 6, the Resolution Committee shall take into account the deadline to comply with the requirement referred to in article 104b of the CRD.

(8) The Resolution Committee may require an institution and an entity referred to in paragraphs (b), (c) or (d) of the definition "entity" in regulation 2(1) to maintain detailed records of financial contracts to which it is a party. The Resolution Committee may specify a time-limit within which the institution or entity referred to in paragraphs (b), (c) or (d) of the definition "entity" in regulation 2(1) is to be capable of producing those records. The same time-limit shall apply to all institutions and all entities referred to in paragraphs (b), (c) or (d) of the definition "entity" in regulation 2(1) under its jurisdiction. The Resolution Committee may decide to set different time-limits for different types of financial contracts as referred to in the definition "financial contracts" under regulation 2(1). This sub-regulation shall not affect the information gathering powers of the Authority.