S.L. 330.9 Art. 7Group recovery plans. S.L. 371.15

(1) Union parent undertakings shall draw up and submit to the Authority, where it is the consolidating supervisor, a group recovery plan. Group recovery plans shall consist of a recovery plan for the group headed by the Union parent undertaking as a whole. The group recovery plan shall identify measures that may be required to be implemented at the level of the Union parent undertaking and each individual subsidiary.

(2) In accordance with regulation 8, the Authority may require subsidiaries to draw up and submit recovery plans on an individual basis.

(3) The Authority where it is the consolidating supervisor shall, provided that the confidentiality requirements laid down in these regulations are in place, transmit the group recovery plans to:

(a) the relevant authorities referred to in regulations 6 and 7 of the Supervisory Consolidation Regulations;

(b) the European regulatory authorities where significant branches are located insofar as is relevant to that branch;

(c) the group-level resolution authority; and

(d) the European resolution authorities of subsidiaries.

(4) (a) The group recovery plan shall aim to achieve the stabilisation of the group as a whole, or any institution of the group, when it is in a situation of stress so as to address or remove the causes of the distress and restore the financial position of the group or the institution in question, at the same time taking into account the financial position of other group entities.

(b) The group recovery plan shall include arrangements to ensure the coordination and consistency of measures to be taken at the level of the Union parent undertaking, at the level of the entities referred to in paragraphs (c) and (d) of the definition "entity" in regulation 2(1), as well as measures to be taken at the level of subsidiaries and, where applicable, in accordance with the CRD at the level of significant branches.

(5) The group recovery plan, and any plan drawn up for an individual subsidiary, shall include the elements specified in regulation 5, and shall include, where applicable, arrangements for intra-group financial support adopted pursuant to an agreement for intra-group financial support that has been concluded in accordance with regulations 19 to 26.

(6) Group recovery plans shall include a range of recovery options setting out actions to address those scenarios provided for in regulation 5(7): Provided that for each of the scenarios, the group recovery plan shall identify whether there are obstacles to the implementation of recovery measures within the group, including at the level of individual entities covered by the plan, and whether there are substantial practical or legal impediments to the prompt transfer of own funds or the repayment of liabilities or assets within the group.

(7) The board of directors of the entity drawing up the group recovery plan pursuant to sub-regulation (1) shall assess and approve the group recovery plan before submitting it to the Authority, where it is the consolidating supervisor.