Article 88

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Bank Recovery and Resolution Directive (BRRD) > TITLE V > Article 88
Title:
Article 88
Description: 
Resolution colleges
Main content: 
 
 
 
 
 
 
 
 
 
 
 
 
2. The following shall be members of the resolution college:
 
(a) the group-level resolution authority;
 
(b) the resolution authorities of each Member State in which a subsidiary covered by consolidated supervision is established;
 
(c) the resolution authorities of Member States where a parent undertaking of one or more institutions of the group, that is an entity referred to in point (d) of Article 1(1), are established;
 
(d) the resolution authorities of Member States in which significant branches are located;
 
(e) the consolidating supervisor and the competent authorities of the Member States where the resolution authority is a member of the resolution college. Where the competent authority of a Member State is not the Member State’s central bank, the competent authority may decide to be accompanied by a representative from the Member State’s central bank;
 
(f) the competent ministries, where the resolution authorities which are members of the resolution college are not the competent ministries;
(h) EBA, subject to paragraph 4.
 
3. The resolution authorities of third countries where a parent undertaking or an institution established in the Union has a subsidiary institution or a branch that would be considered to be significant were it located in the Union may, at their request, be invited to participate in the resolution college as observers, provided that they are subject to confidentiality requirements equivalent, in the opinion of the group-level resolution authority, to those established by Article 98.
 
4. EBA shall contribute to promoting and monitoring the efficient, effective and consistent functioning of resolution colleges, taking into account international standards. EBA shall be invited to attend the meetings of the resolution college for that purpose. EBA shall not have any voting rights to the extent that any voting takes place within the framework of resolution colleges.
 
5. The group-level resolution authority shall be the chair of the resolution college. In that capacity it shall:
 
(a) establish written arrangements and procedures for the functioning of the resolution college, after consulting the other members of the resolution college;
 
(b) coordinate all activities of the resolution college;
 
(c) convene and chair all its meetings and keep all members of the resolution college fully informed in advance of the organisation of meetings of the resolution college, of the main issues to be discussed and of the items to be considered;
 
(d) notify the members of the resolution college of any planned meetings so that they can request to participate;
 
(e) decide which members and observers shall be invited to attend particular meetings of the resolution college, on the basis of specific needs, taking into account the relevance of the issue to be discussed for those members and observers, in particular the potential impact on financial stability in the Member States concerned;
 
(f) keep all of the members of the college informed, in a timely manner, of the decisions and outcomes of those meetings.
 
The members participating in the resolution college shall cooperate closely.
 
Notwithstanding point (e), resolution authorities shall be entitled to participate in resolution college meetings whenever matters subject to joint decision-making or relating to a group entity located in their Member State are on the agenda.

 

 
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