S.L. 330.9 Art. 9Recovery plan indicators.

(1) For the purpose of regulations 5 to 8, each recovery plan shall include a framework of indicators established by the institution which identifies the points at which appropriate actions referred to in the plan may be taken.

(2) Such indicators shall be agreed upon by the Authority when making the assessment of the recovery plans in accordance with regulations 6 and 8.

(3) The indicators may be of a qualitative or quantitative nature relating to the institution’s financial position and shall be capable of being monitored easily.

(4) The Authority shall ensure that institutions put in place appropriate arrangements for the regular monitoring of the indicators.

(5) Notwithstanding sub-regulations (1) to (4), an institution may:

(a) take action under its recovery plan where the relevant indicator has not been met, but where the board of directors of the institution considers it to be appropriate in the circumstances; or

(b) refrain from taking such action where the board of directors of the institution does not consider it to be appropriate in the circumstances of the situation.

(6) A decision to take an action referred to in the recovery plan or a decision to refrain from taking such an action shall be notified to the Authority without delay.