Prudential Regulation Authority Rulebook

6.1

This Chapter applies to a BRRD undertaking which is required to draw up a recovery plan or group recovery plan under 2 or 3.

6.2

A recovery plan and a group recovery plan must include a framework of indicators established by the BRRD undertaking which identifies the points at which appropriate actions referred to in the recovery plan or group recovery plan may be taken.

[Note: Art. 9(1) of the BRRD]

6.3

The indicators may be of a qualitative or quantitative nature relating to the firm’s or the group’s financial position and must be capable of being monitored easily.

[Note: Art. 9(1) of the BRRD]

6.4

A BRRD undertaking must have in place appropriate arrangements for the regular monitoring of the indicators.

[Note: Art. 9(1) of the BRRD]

6.5

A firm must notify the PRA without delay if it decides to take action under its recovery plan or group recovery plan or if it decides to refrain from taking action.

[Note: Art. 9(1) of the BRRD]

6.6

A BRRD undertaking that is a qualifying parent undertaking must:

1. (1) notify the PRA without delay if it (or any member of its group) decides to take action under the group recovery plan or to refrain from taking action and the PRA is the EEA consolidating supervisor; and
2. (2) make arrangements to ensure the EEA consolidating supervisor is notified without delay if it (or any member of its group) decides to take action under the group recovery plan or to refrain from taking action and the PRA is not the EEA consolidating supervisor.