Preparation and updating of resolution plans

(1) The resolution authority draws up a resolution plan for each institution that is not part of a group subject to supervision on a consolidated basis. The resolution authority coordinates with the supervisory authority in drawing up the resolution plan. The same applies to the resolution authorities of the Member States and third countries in which significant branches are located, insofar as the interests of the significant branch are affected.
(2) The resolution plan 1. provides for resolution actions that the resolution authority may take where the institution satisfies the resolution conditions, and, insofar as insolvency proceedings are not an option, sets out options for the application of the resolution tools and powers provided for in Part 4; 2. takes into account relevant scenarios, in particular the case where the causes of the threat to continued existence are specific to the undertaking, or are attributable to general financial instability or system-wide events; 3. may not assume any of the following: a) the provision of extraordinary public financial support beyond the provision of funds from the restructuring fund under section 1 of the Restructuring Fund Act, b) the provision of emergency liquidity assistance by a central bank, or c) the provision of liquidity assistance by a central bank on the basis of non-standard collateralisation, maturities or interest rates; 4. observes regulatory technical standards adopted under Article 10(9) of Directive 2014/59/EU. Insofar as possible and appropriate, the particulars in the resolution plan should be substantiated in quantitative and numerical terms and not be of a merely qualitative nature.
(3) The resolution plan contains, in particular, 1. a summary of the plan's main elements, 2. a summary of the material changes within the institution that have occurred since the last resolution plan was submitted, 3. an account of how critical functions and material business activities could, to the extent required, be legally and economically separated from other functions in order to ensure their continuation and digital operational resilience following a failure of the institution, 4. an analysis of the timing and substantive conditions under which the institution could, having regard to the circumstances discussed in the resolution plan, make use of central bank facilities not falling under subsection (2), first sentence, point 3, letter b; in this connection, assets that could be suitable as collateral should also be identified, 5. an estimate of the timeframe for implementing the material aspects of the plan, 6. a detailed account of the assessment of resolvability carried out under section 57, 7. a description of material impediments to resolution and of any measures required under section 59(4) to reduce or remove impediments to resolvability identified in the course of the assessment carried out under section 57, 8. a description of the procedures for determining the value and marketability of the institution's critical functions, material business activities and assets, 9. a detailed description of the arrangements intended to ensure that the information to be transmitted under section 42 is up to date and available to the resolution authorities at all times, 10. explanations of how the various resolution actions can be financed, having regard to the principles in subsection (2), first sentence, point 3, 11. a detailed description of the various resolution strategies that could be applied in the context of the different scenarios and time horizons, 12. explanations of critical interdependencies (interconnectedness analysis), 13. a description of the conditions for maintaining access to financial market infrastructures, investor compensation schemes and deposit guarantee schemes, and of the transferability of client positions, 14. an analysis of the effects of the resolution plan on employees and their representatives, in particular having regard to possible costs, 15. a description of communication with the media and the public, 16. the requirements under sections 49e and 49f, and a time limit by which those requirements are to be met under section 54, 16a. in a case under section 49b(4), (5) or (7), a timetable for compliance by the resolution entity under section 54, 17. a description of the material processes and systems for the continuation of the institution's business operations, including the network and information systems within the meaning of Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector and amending Regulations (EC) No 1060/2009, (EU) No 648/2012, (EU) No 600/2014, (EU) No 909/2014 and (EU) 2016/1011 (OJ L 333, 27.12.2022, p. 1), and 18. insofar as relevant, the institution's views on the resolution plan.
(4) After it is first drawn up, the resolution plan is reviewed at least once in each calendar year and updated where necessary. The same applies following material changes to the institution's legal or organisational structure, its business activities, or its financial position, that could affect the operation of the resolution plan to a more than negligible extent, or that otherwise make its amendment necessary. The supervisory authority informs the resolution authority of any change known to the supervisory authority that is relevant to, or makes necessary, a periodic update under the first sentence or another adjustment under the second sentence. The review also takes place following the implementation of resolution actions, or following the application of the instrument for the participation of holders of relevant capital instruments and eligible liabilities under section 65(1) and section 89. In determining the time limit under subsection (3), point 16 or point 16a, under the circumstances referred to in the fourth sentence, the resolution authority takes into account the time limit for satisfying the requirement under section 6d of the Banking Act.
(5) The resolution authority transmits the resolution plan and any amendments to the supervisory authority. The summary of the plan's main elements under subsection (3), point 1, should be disclosed to the institution.