European Union (Bank Recovery and Resolution) Regulations 2015

• Jurisdiction: Ireland
• Citation: IR SI 289/2015

CONTENTS

Regulation

Part 1

Preliminary and General

1. Citation and commencement

2. Scope

3. Interpretation

4. Designated resolution authority

5. Funding of resolution authority

6. Bank as resolution authority and competent authority

7. Resolution authority and Bank

8. Designated national macroprudential authority

9. Minister and resolution authority

Part 2

Preparation

Chapter 1

Recovery and resolution planning

General provision

10. Simplified obligations for certain institutions

Recovery Planning

11. Recovery plans

12. Records of financial contacts

13. Assessment of recovery plans

14. Group recovery plans

15. Assessment of group recovery plans

16. Recovery plan indicators

Resolution plans

17. Resolution plans

18. Contents of resolution plan

19. Maintenance and production of information for purpose of resolution plans

20. Information for purpose of resolution plans and cooperation from institution

21. Resolution plans for institutions that are part of a group

22. Requirement and procedure for group resolution plans

23. Resolution authority as group-level resolution authority

24. Assessment of group resolution plan

25. Transmission of resolution plans by resolution authority

Chapter 2

Resolvability

26. Assessment of resolvability for institutions

27. Assessment of resolvability for groups

28. Powers to address or remove impediments to resolvability

29. Powers to address or remove impediments to resolvability: group treatment

Chapter 3

Intra-group financial support

30. Application of group financial support agreement

31. Group financial support agreement

32. Review of proposed agreement by competent authority and mediation

33. Approval of proposed agreement by shareholders

34. Transmission of group financial support agreements to resolution authority

35. Conditions for group financial support

36. Decision to provide financial support

37. Right of opposition of competent authorities

38. Disclosure

Part 3

Early intervention

Chapter 1

Early intervention measures

39. Early intervention measures

Chapter 2

Removal of senior management

40. Removal of senior management and management body

41. Suspension notice

42. Time of effect of suspension notice

43. Confirmation of suspension notice

44. Enforcement of suspension notice

45. Court’s power to extend validity of suspension notices

Chapter 3

Appointment of Temporary Administrator

46. Interpretation of Chapter

47. Preconditions for making temporary administration order

48. Proposed temporary administration order — written notice

49. Content and form of proposed temporary administration order

50. Procedure for hearing of application for temporary administration order

51. Publication of temporary administration order

52. Application to vary or extend temporary administration order

53. Application to set aside temporary administration order

54. Content of temporary administration order

55. Period of temporary administration order

56. Remuneration, etc., of temporary administrator

57. Resignation, vacancy in office, etc., of temporary administrator

58. Performance of functions of temporary administrator

59. General temporary administrator provisions

60. Coordination of early intervention measures and appointment of temporary administrator in relation to groups

Part 4

Resolution

Chapter 1

Objectives, conditions and general principles

61. Resolution objectives

62. Conditions for resolution

63. Conditions for resolution with regard to financial institutions and holding companies

64. General principles governing resolution

Chapter 2

Valuation

65. Valuation for purposes of resolution

66. Provisional valuation

Chapter 3

Resolution tools

General provisions

67. Application of Central Bank (Supervision and Enforcement) Act 2013

68. General principles of resolution tools

The sale of business tool

69. Sale of business tool

70. Sale of business tool: procedural requirements

The bridge institution tool

71. Bridge institution tool

72. Requirements of bridge institution

73. Operation of bridge institution

The asset separation tool

74. Asset separation tool

Sale of business, bridge institution and asset separation tools: ancillary provisions

75. Effect of transfer by resolution order — general

76. Effect of transfer by resolution order in relation to securities

77. Application of Bankers’ Books Evidence Acts 1879 to 1989

78. Stamp duty

The bail-in tool — Objective and scope of bail-in tool

79. Bail-in tool

80. Scope of bail-in tool

The bail-in tool — minimum requirement for own funds and eligible liabilities

81. Application of minimum requirement

82. Minimum requirement — resolution authority as group-level resolution authority

83. Minimum requirement — resolution authority as resolution authority of subsidiary

84. Minimum requirement — resolution authority generally

The bail-in tool — implementation of bail-in tool

85. Assessment of amount of bail-in

86. Treatment of shareholders in bail-in or write-down or conversion of capital instruments

87. Sequence of write-down and conversion

88. Derivatives

89. Rate of conversion of debt to equity

90. Recovery and reorganisation measures to accompany bail-in

91. Business reorganisation plan

The bail-in tool — ancillary provisions

92. Effect of bail-in

93. Removal of procedural impediments to bail-in

94. Contractual recognition of bail-in

Chapter 4

Write-down of capital instruments

95. Requirement to write-down or convert capital instruments

96. Provisions governing write-down or conversion of capital instruments

97. Authorities responsible for determination

98. Consolidated application: procedure for determination

99. Proposed capital instruments order

100. Capital instruments order

101. Publication of capital instruments order

102. Application to vary capital instruments order

103. Application to set aside capital instruments order

Chapter 5

Resolution order procedure

104. Proposed resolution order

105. Hearing of application for resolution order — procedure

106. Resolution period

107. Publication of resolution order

108. Application to vary resolution order

109. Application to vary resolution order where recipient is a bridge institution

110. Application to set aside resolution order

111. Powers of Court in making resolution order — general

112. Ancillary powers of Court in making resolution order

113. Rights of shareholders during resolution period

114. Oversight of resolution action during resolution period — general

Chapter 6

Special management

115. Special management — general

116. Publication of appointment of special manager

117. Duties of special manager

118. Oversight by resolution authority of special management

119. Effect of special management

120. Duration of special management

121. Resignation, vacancy in office, remuneration, etc., of special manager

122. Performance of functions of special manager

Chapter 7

Resolution authority powers

123. Powers of resolution authority during resolution period — general

124. Powers of resolution authority under resolution order

Chapter 8

Resolution powers

125. Power to require the provision of services and facilities

126. Power of another Member State to enforce crisis management measures or crisis prevention measures

127. Assets, rights, liabilities, shares and other instruments of ownership located in third countries

128. Exclusion of certain contractual terms in early intervention and resolution

129. Power to suspend certain obligations

130. Power to restrict enforcement of security interests

131. Power to temporarily suspend termination rights

Chapter 9

Safeguards

132. Treatment of shareholders and creditors in case of partial transfers and application of the bail-in tool

133. Valuation of difference in treatment

134. Safeguard for shareholders and creditors

135. Appeal of valuation under Regulation 133

136. Definitions for Regulations 138 to 142

137. Safeguard for counterparties in partial transfers

138. Protection for financial collateral, set-off and netting agreements

139. Protection for security arrangements

140. Protection for structured finance arrangements and covered bonds

141. Application to set aside partial property transfer or modification of contracts

142. Partial transfers — protection of trading, clearing and settlement systems

Chapter 10

Procedural obligations

143. Notification requirements

144. Decision of resolution authority

145. Procedural obligations of resolution authority

146. Confidentiality

Chapter 11

Right of appeal and exclusion of other actions

147. Restrictions on other proceedings

148. Limitation of judicial review of decision to take crisis management measure

149. Limitation of certain rights of appeal to Court of Appeal

150. Restrictions on remedies

Part 5

Cross-border group resolution

151. General principles regarding decision-making involving more than one Member State

152. Resolution colleges

153. European resolution colleges

154. Information exchange

155. Group resolution involving a subsidiary of group

156. Group resolution

Part 6

Relations with third countries

157. Agreements with third countries

158. Recognition and enforcement of third-country resolution proceedings

159. Right to refuse recognition or enforcement of third-country resolution proceedings

160. Resolution of Union branches

161. Cooperation with third-country authorities

162. Exchange of confidential information

Part 7

Financing Arrangements

163. Requirement to establish resolution financing arrangements

164. Use of Fund

165. Target level

166. Ex-ante contributions

167. Extraordinary ex-post contributions

168. Alternative funding means

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