AI Summary of Article 91 Group resolution involving a subsidiary of the group
When a resolution authority determines that a subsidiary meets the conditions for resolution it must notify without delay the group-level resolution authority (if different), the consolidating supervisor and the members of the resolution college. Notifications must state the decision, the outcome of the assessment of the additional condition and the resolution actions or insolvency measures considered appropriate; these may be included in Article 81(3) communications. The group-level authority, after consulting the college, shall assess the likely impact on the group and on entities in other Member States and whether the notified measures would make it likely that conditions for resolution would be met elsewhere. If not, the notifying authority may proceed.
If the group-level authority assesses that the measures would likely cause conditions to be met in another Member State, it must propose a group resolution scheme to the college within 24 hours (extendable by consent). The scheme must, subject to urgency, follow resolution plans unless alternative actions better achieve objectives, outline and coordinate resolution actions, and establish a financing plan reflecting sharing principles and mutualisation. The scheme should take the form of a joint decision; a disagreeing authority must set out reasons, notify others and may take independent actions for financial stability. Joint decisions and unilateral decisions in the absence of agreement are recognised as conclusive. Authorities shall act without delay, cooperate closely if a scheme is not implemented, and keep the resolution college regularly and fully informed.
Article 91 Group resolution involving a subsidiary of the group
1. Where a resolution authority decides that an institution or entity as referred to in Article 1(1), point (b), (c) or (d), that is a subsidiary in a group, meets the conditions referred to in Article 32(1), points (a) and (b), or Article 33(4), points (a) and (b), as applicable, that authority shall notify without delay to the group-level resolution authority, if different, to the consolidating supervisor and to the members of the resolution college for the group in question the following information:
(a) the decision that the institution or entity referred to in Article 1(1), point (b), (c) or (d), meets the conditions referred to in Article 32(1), points (a) and (b), or Article 33(4), points (a) and (b), as applicable;
(aa) the outcome of the assessment of the condition referred to in Article 32(1), point (c) and Article 33(4), point (c);