Central Bank and Credit Institutions (Resolution) Act 2011
|
PART 8 Recovery plans and resolution plans | ||
|
Recovery plans. |
91.— (1) Having regard to the nature of the business of an authorised credit institution, the Bank may direct that credit institution to prepare a recovery plan setting out actions that could be taken to facilitate the continuation, or secure the business or part of the business, of that credit institution in a situation where the institution is experiencing financial instability. | |
(2) A recovery plan shall not assume that financial support will be available from the State or the Fund. | ||
(3) A recovery plan shall be in accordance with any code of practice issued by the Bank under section 106 . | ||
(4) An authorised credit institution shall submit its recovery plan to the Bank for assessment. If the Bank so directs, that credit institution shall demonstrate to the Bank that the plan can be implemented. | ||
(5) The Bank may direct an authorised credit institution— | ||
(a) to provide any additional information or analysis necessary to assess that credit institution’s recovery plan, and | ||
(b) to make specified changes to the plan that the Bank considers necessary to ensure that the plan can be implemented. | ||
(6) An authorised credit institution shall maintain its recovery plan, and keep it up to date, in accordance with any code of practice issued by the Bank under section 106 . |