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European Union (Bank Recovery and Resolution) Regulations 2015 [S.I. No. 289 of 2015]Introductory TextPart 1 Preliminary and General (regs. 1-9)Regulation 1 Citation and commencement.Regulation 2 Scope.Regulation 3 Interpretation.Regulation 4 Designated resolution authority.Regulation 5 Funding of resolution authority.Regulation 6 Bank as resolution authority and competent authority.Regulation 7 Resolution authority and Bank.Regulation 8 Designated national macroprudential authority.Regulation 9 Minister and resolution authority.Part 2 Preparation (regs. 10-38)Chapter 1 Recovery and resolution planning (regs. 10-25)General provision (reg. 10)Regulation 10 Simplified obligations for certain institutions.Recovery Planning (regs. 11-16)Regulation 11 Recovery plans.Regulation 12 Records of financial contacts.Regulation 13 Assessment of recovery plans.Regulation 14 Group recovery plans.Regulation 15 Assessment of group recovery plans.Regulation 16 Recovery plan indicators.Resolution plans (regs. 17-25)Regulation 17 Resolution plans.Regulation 18 Contents of resolution plan.Regulation 19 Maintenance and production of information for purpose of resolution plans.Regulation 20 Information for purpose of resolution plans and cooperation from institution.Regulation 21 Resolution plans for institutions that are part of a group.Regulation 22 Requirement and procedure for group resolution plans.Regulation 23 Resolution authority as group-level resolution authority.Regulation 24 Assessment of group resolution plan.Regulation 25 Transmission of resolution plans by resolution authority.Chapter 2 Resolvability (regs. 26-29)Regulation 26 Assessment of resolvability for institutions.Regulation 27 Assessment of resolvability for groups.Regulation 27A Power to prohibit certain distributions.Regulation 28 Powers to address or remove impediments to resolvability.Regulation 29 Powers to address or remove impediments to resolvability: group treatment.Chapter 3 Intra-group financial support (regs. 30-38)Regulation 30 Application of group financial support agreement.Regulation 31 Group financial support agreement.Regulation 32 Review of proposed agreement by competent authority and mediation.Regulation 33 Approval of proposed agreement by shareholders.Regulation 34 Transmission of group financial support agreements to resolution authority.Regulation 35 Conditions for group financial support.Regulation 36 Decision to provide financial support.Regulation 37 Right of opposition of competent authorities.Regulation 38 Disclosure.Part 3 Early intervention (regs. 39-60)Chapter 1 Early intervention measures (reg. 39)Regulation 39 Early intervention measures.Chapter 2 Removal of senior management (regs. 40-45)Regulation 40 Removal of senior management and management body.Regulation 41 Suspension notice.Regulation 42 Time of effect of suspension notice.Regulation 43 Confirmation of suspension notice.Regulation 44 Enforcement of suspension notice.Regulation 45 Court's power to extend validity of suspension notices.Chapter 3 Appointment of Temporary Administrator (regs. 46-60)Regulation 46 Interpretation of Chapter.Regulation 47 Preconditions for making temporary administration order.Regulation 48 Proposed temporary administration order - written notice.Regulation 49 Content and form of proposed temporary administration order.Regulation 50 Procedure for hearing of application for temporary administration order.Regulation 51 Publication of temporary administration order.Regulation 52 Application to vary or extend temporary administration order.Regulation 53 Application to set aside temporary administration order.Regulation 54 Content of temporary administration order.Regulation 55 Period of temporary administration order.Regulation 56 Remuneration, etc., of temporary administrators.Regulation 57 Resignation, vacancy in office, etc., of temporary administrator.Regulation 58 Performance of functions of temporary administrator.Regulation 59 General temporary administrator provisions.Regulation 60 Coordination of early intervention measures and appointment of temporary administrator in relation to groups.Part 4 Resolution (regs. 61-150)Chapter 1 Objectives, conditions and general principles (regs. 61-64)Regulation 61 Resolution objectives.Regulation 62 Conditions for resolution.Regulation 62A Conditions for resolution with regard to a central body and credit institutions permanently affiliated to a central body.Regulation 62B Insolvency proceedings in respect of institutions and entities that are not subject to resolution action.Regulation 63 Conditions for resolution with regard to financial institutions and holding companies.Regulation 63A Power to suspend certain obligations.Regulation 64 General principles governing resolution.Chapter 2 Valuation (regs. 65-66)Regulation 65 Valuation for purposes of resolution.Regulation 66 Provisional valuation.Chapter 3 Resolution tools (regs. 67-94)General provisions (regs. 67-68)Regulation 67 Application of Central Bank (Supervision and Enforcement) Act 2013.Regulation 68 General principles of resolution tools.The sale of business tool (regs. 69-70)Regulation 69 Sale of business tool.Regulation 70 Sale of business tool: procedural requirements.The bridge institution tool (regs. 71-73)Regulation 71 Bridge institution tool.Regulation 72 Requirements of bridge institution.Regulation 73 Operation of bridge institution.The asset separation tool (reg. 74)Regulation 74 Asset separation tool.Sale of business, bridge institution and asset separation tools: ancillary provisions (regs. 75-78)Regulation 75 Effect of transfer by resolution order - general.Regulation 76 Effect of transfer by resolution order in relation to securities.Regulation 77 Application of Bankers' Books Evidence Acts 1879 to 1989.Regulation 78 Stamp duty.The bail-in tool Objective and scope of bail-in tool (regs. 79-80O)Regulation 79 Bail-in tool.Regulation 80 Scope of bail-in tool.Regulation 80A Selling of subordinated eligible liabilities to retail clients.Regulation 80B Application and calculation of the minimum requirement for own funds and eligible liabilities.Regulation 80C Exemption from the minimum requirement for own funds and eligible liabilities.Regulation 80D Eligible liabilities for resolution entities.Regulation 80E Determination of minimum requirement for own funds and eligible liabilities.Regulation 80F Determination of minimum requirement for own funds and eligible liabilities for resolution entities of G-SIIs and Union material subsidiaries of non-EU G-SIIs.Regulation 80G Application of the minimum requirement for own funds and eligible liabilities to resolution entities.Regulation 80H Application of the minimum requirement for own funds and eligible liabilities to entities that are not themselves resolution entities.Regulation 80I Waiver for a central body and credit institutions permanently affiliated to a central body.Regulation 80J Procedure for determining the minimum requirement for own funds and eligible liabilities.Regulation 80K Supervisory reporting and public disclosure of the requirement.Regulation 80L Reporting to European Banking Authority.Regulation 80M Breaches of the minimum requirement for own funds and eligible liabilities.Regulation 80N Cooperation by resolution authority with European Banking Authority.Regulation 80O Transitional and post-resolution arrangements.The bail-in tool - minimum requirement for own funds and eligible liabilities (regs. 81-84A)Regulation 81 Application of minimum requirement.Regulation 82 Minimum requirement - resolution authority as group-level resolution authority.Regulation 83 Minimum requirement - resolution authority as resolution authority of subsidiary.Regulation 84 Minimum requirement - resolution authority generally.Regulation 84A Non-application of Regulation 80J to certain entities.The bail-in tool - implementation of bail-in tool (regs. 85-91)Regulation 85 Assessment of amount of bail-in.Regulation 86 Treatment of shareholders in bail-in or write-down or conversion of capital instruments.Regulation 87 Sequence of write-down and conversion.Regulation 88 Derivatives.Regulation 89 Rate of conversion of debt to equity.Regulation 90 Recovery and reorganisation measures to accompany bail-in.Regulation 91 Business reorganisation plan.The bail-in tool - ancillary provisions (regs. 92-94)Regulation 92 Effect of bail-in.Regulation 93 Removal of procedural impediments to bail-in.Regulation 94 Contractual recognition of bail-in.Chapter 4 Write-down or conversion of capital instruments and eligible liabilities (regs. 95-103)Regulation 95 Requirement to write down or convert relevant capital instruments and eligible liabilities.Regulation 96 Provisions governing write-down or conversion of capital instruments.Regulation 97 Authorities responsible for determination.Regulation 98 Consolidated application: procedure for determination.Regulation 99 Proposed capital instruments order.Regulation 100 Capital instruments order.Regulation 101 Publication of capital instruments order.Regulation 102 Application to vary capital instruments order.Regulation 103 Application to set aside capital instruments order.Chapter 5 Resolution order procedure (regs. 104-114)Regulation 104 Proposed resolution order.Regulation 105 Hearing of application for resolution order - procedure.Regulation 106 Resolution period.Regulation 107 Publication of resolution order.Regulation 108 Application to vary resolution order.Regulation 109 Application to vary resolution order where recipient is a bridge institution.Regulation 110 Application to set aside resolution order.Regulation 111 Powers of Court in making resolution order - general.Regulation 112 Ancillary powers of Court in making resolution order.Regulation 113 Rights of shareholders during resolution period.Regulation 114 Oversight of resolution action during resolution period - general.Chapter 6 Special management (regs. 115-122)Regulation 115 Special management - general.Regulation 116 Publication of appointment of special manager.Regulation 117 Duties of special manager.Regulation 118 Oversight by resolution authority of special management.Regulation 119 Effect of special management.Regulation 120 Duration of special management.Regulation 121 Resignation, vacancy in office, remuneration, etc., of special manager.Regulation 122 Performance of functions of special manager.Chapter 7 Resolution authority powers (regs. 123-124)Regulation 123 Powers of resolution authority during resolution period - general.Regulation 124 Powers of resolution authority under resolution order.Chapter 8 Resolution powers (regs. 125-131A)Regulation 125 Power to require the provision of services and facilities.Regulation 126 Power of another Member State to enforce crisis management measures or crisis prevention measures.Regulation 127 Assets, rights, liabilities, shares and other instruments of ownership located in third countries.Regulation 128 Exclusion of certain contractual terms in early intervention and resolution.Regulation 129 Power to suspend certain obligations.Regulation 130 Power to restrict enforcement of security interests.Regulation 131 Power to temporarily suspend termination rights.Regulation 131A Contractual recognition of resolution stay powers.Chapter 9 Safeguards (regs. 132-142)Regulation 132 Treatment of shareholders and creditors in case of partial transfers and application of the bail-in tool.Regulation 133 Valuation of difference in treatment.Regulation 134 Safeguard for shareholders and creditors.Regulation 135 Appeal of valuation under Regulation 133.Regulation 136 Definitions for Regulations 138 to 142.Regulation 137 Safeguard for counterparties in partial transfers.Regulation 138 Protection for financial collateral, set-off and netting agreements.Regulation 139 Protection for security arrangements.Regulation 140 Protection for structured finance arrangements and covered bonds.Regulation 141 Application to set aside partial property transfer or modification of contracts.Regulation 142 Partial transfers - protection of trading, clearing and settlement systems.Chapter 10 Procedural obligations (regs. 143-146)Regulation 143 Notification requirements.Regulation 144 Decision of resolution authority.Regulation 145 Procedural obligations of resolution authority.Regulation 146 Confidentiality.Chapter 11 Right of appeal and exclusion of other actions (regs. 147-150)Regulation 147 Restrictions on other proceedings.Regulation 148 Limitation of judicial review of decision to take crisis management measure.Regulation 149 Limitation of certain rights of appeal to Court of Appeal.Regulation 150 Restrictions on remedies.Part 5 Cross-border group resolution (regs. 151-156A)Regulation 151 General principles regarding decision-making involving more than one Member State.Regulation 152 Resolution colleges.Regulation 153 European resolution colleges.Regulation 154 Information exchange.Regulation 155 Group resolution involving a subsidiary of group.Regulation 156 Group resolution.Regulation 156APart 6 Relations with third countries (regs. 157-162)Regulation 157 Agreements with third countries.Regulation 158 Recognition and enforcement of third-country resolution proceedings.Regulation 159 Right to refuse recognition or enforcement of third-country resolution proceedings.Regulation 160 Resolution of Union branches.Regulation 161 Cooperation with third-country authorities.Regulation 162 Exchange of confidential information.Part 7 Financing Arrangements (regs. 163-173)Regulation 163 Requirement to establish resolution financing arrangements.Regulation 164 Use of Fund.Regulation 165 Target level.Regulation 166 Ex-ante contributions.Regulation 167 Extraordinary ex-post contributions.Regulation 168 Alternative funding means.Regulation 169 No liability of resolution authority to Fund.Regulation 170 Insufficiency in Fund.Regulation 171 Borrowing between financing arrangements.Regulation 172 Mutualisation of national financing arrangements in case of a group resolution.Regulation 173 Use of deposit guarantee schemes in context of resolution.Part 8 Penalties (regs. 174-177)Regulation 174 Specific provisions.Regulation 175 Publication of administrative penalties.Regulation 176 Maintenance of central database by European Banking Authority.Regulation 177 Effective application of penalties and exercise of powers to impose penalties by Bank.Part 9 Criminal Offences (regs. 178-184)Chapter 1 Criminal offences: general (regs. 178-179)Regulation 178 Offences by bodies corporate.Regulation 179 Prosecution by Bank.Chapter 2 Criminal offences (regs. 180-184)Regulation 180 Continuation of contravention of Regulation 123(1)(e).Regulation 181 Provision of false or misleading information.Regulation 182 Breach of confidentiality.Regulation 183 Misleading or obstructing valuers, temporary administrators or special managers.Regulation 184 Criminal offences.Part 10 Consequential Amendments (regs. 185-193)Chapter 1 Acts (regs. 185-189)Regulation 185 Amendment of Central Bank Act 1942.Regulation 186 Amendment of Irish Takeover Panel Act 1997.Regulation 187 Amendment of Central Bank and Credit Institutions (Resolution) Act 2011.Regulation 188 Amendment of Central Bank (Supervision and Enforcement) Act 2013.Regulation 189 Amendment of Companies Act 2014.Chapter 2 Statutory Instruments (regs. 190-193)Regulation 190 Amendment of European Communities (Cross-Border Mergers) Regulations 2008.Regulation 191 Amendment of European Communities (Financial Collateral Arrangements) Regulations 2010.Regulation 192 Amendment of European Communities (Reorganisation and Winding-up of Credit Institutions) Regulations 2011.Regulation 193 Amendment of European Union (Capital Requirements) Regulations 2014.Part 11 Final Provisions (regs. 194-199)Regulation 194 Cooperation with European Banking Authority.Regulation 195 Service of notice or other document by competent authority.Regulation 196 Court hearings otherwise than in public.Regulation 197 Non application of competition rules.Regulation 198 Effect of transfer orders on legal proceedings.Regulation 199 Regulations made under Part 7.Part 12 European single access point (ESAP) (regs. 200-202)Regulation 200 Accessibility on ESAP of information referred to in Regulations 38 and 80K.Regulation 201 Accessibility on ESAP of information referred to in Regulations 51 and 175.Regulation 202 Accessibility on ESAP of information referred to in Regulations 63A, 116, 145 and 175.ScheduleSchedule, Part 1 Information to be included in recovery plansSchedule, Part 2 Information that the resolution authority may request institutions to provide for the purposes of drawing up and maintaining resolution plansSchedule, Part 3 Matters that the resolution authority is to consider when assessing the resolvability of an institution or groupGiven under
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AI Summary of Part 1 Preliminary and General (regs. 1-9)

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Version status: | Document consolidation status: Updated to reflect all known changes
Version date: 9 July 2015 - onwards

Part 1 Preliminary and General (regs. 1-9)

Future version Amendment requiring commencement Draft proposed change
Regulation 1 Citation and commencement.
Regulation 2 Scope.
Regulation 3 Interpretation.
Regulation 4 Designated resolution authority.
Regulation 5 Funding of resolution authority.
Regulation 6 Bank as resolution authority and competent authority.
Regulation 7 Resolution authority and Bank.
Regulation 8 Designated national macroprudential authority.
Regulation 9 Minister and resolution authority.
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