Group resolution scheme

(1) A group resolution scheme must 1. set out the resolution actions that the resolution authority or the resolution authorities of the other Member States should take, in order to achieve the resolution objectives and observe the resolution principles under section 68; 2. explain how those resolution actions should be coordinated; 3. set out a financing plan.
(2) The financing plan referred to in subsection (1), point 3, must have regard to the group resolution plan, to the principles for allocating financing responsibility in accordance with section 46(3), point 8, and to the general principles of mutual support under section 12i of the Restructuring Fund Act.
(3) The group resolution scheme is the subject of a joint decision of the resolution authority and the resolution authorities of the other Member States responsible for the subsidiary undertakings covered by the group resolution scheme. Where not all the resolution authorities of the other Member States agree to the group resolution scheme, the resolution authority may reach a joint decision with the remaining resolution authorities in other Member States on a group resolution scheme for the institutions and undertakings of the group under their respective jurisdiction. On the request of a supervisory authority, the European Banking Authority may assist the competent resolution authorities in reaching a joint decision, in accordance with Article 31(c) of Regulation (EU) No 1093/2010.
(4) Where a group resolution scheme is not implemented, or a resolution authority subsequently departs from the group resolution scheme, and the resolution authority takes resolution actions in respect of an institution or undertaking within the meaning of subsection (1), it must cooperate closely, within the resolution college, with the resolution authorities of the other Member States concerned, to develop a coordinated resolution strategy for all institutions and undertakings of the group affected or threatened by a failure. It must inform the members of the resolution college regularly and fully of the resolution actions taken and of ongoing progress.