Article 16 Completeness of recovery plans

The competent authority shall assess the extent to which a recovery plan satisfies the requirements the law of the United Kingdom or any part of it which was relied upon immediately before IP completion day for the implementation of article 5 or article 7 of Directive 2014/59/EU including in Chapters 2,3 and 5 of the Recovery Plans Part of the PRA Rulebook, or rules IFPRU 11.2 and 11.3 of the Recovery and Resolution Part of the FCA Handbook and any determination under article 7(3) of the Bank Recovery and Resolution (No.2) Order 2014, and shall review the completeness of the plan based on the following:

1. (1)

   whether the plan covers all the information listed in Section A of the Annex to Directive 2014/59/EU as further specified in Chapter I, Section I of this Regulation;

2. (2)

   whether the plan provides information that is up to date, also with respect to any material changes to the entity or entities, in particular changes to their legal or organisational structure or their business or financial situation since the last submission of the plan, in accordance with article 62(3)(a) of the Bank Recovery and Resolution (No.2) Order 2014 and any determination under article 7(4) of the Bank Recovery and Resolution (No.2) Order 2014;

3. (3)

   where applicable, whether the plan includes an analysis of how and when the entity or entities covered by the plan may apply, in the conditions addressed by the plan, for the use of central bank facilities and identify those assets which would be expected to qualify as collateral;

4. (4)

   whether the plan adequately reflects an appropriate range of scenarios of severe macroeconomic and financial stress relevant to the specific conditions of the entity or entities that the plan covers, taking into account, where appropriate, guidelines issued by the EBA before IP completion day in accordance with article 5(7) of Directive 2014/59/EU that further specify the range of scenarios to be used in recovery plans;

5. (5)

   whether the plan contains a framework of indicators which identifies the points at which appropriate actions referred to in the plan may be taken;

6. (6)

   whether the information referred to in points (1) to (5) is provided in relation to the group as a whole;

7. (7)

   whether the plan includes, where applicable, arrangements for intra-group financial support adopted pursuant to an agreement for group financial support that has been concluded in accordance with Chapter 2 of the Group Financial Support Part of the PRA Rulebook or in rule IFPRU 11.5 of the Recovery and Resolution Part of the FCA Handbook;

8. (8)

   whether for each of the scenarios of severe macroeconomic and financial stress which is reflected in the plan in accordance with Chapter 2 of the Recovery Plans Part of the PRA Rulebook or in rules IFPRU 11.38R to IFPRU 11.3.13R and IFPRU11.3.20R of the Recovery and Resolution Part of the FCA Handbook the plan identifies whether there are:

   1. (a)

      obstacles to implementing recovery measures within the group, including at the level of individual entities covered by the plan;

   2. (b)

      substantial practical or legal impediments to the prompt transfer of own funds or the repayment of liabilities or assets within the group.