On October 23, 2014, the Bank of England (“BoE”) published a document setting out its approach to the resolution in practice of banks, building societies and certain investment firms, including their parent and group companies. The document details the BoE’s approach to resolution from January 1, 2015, which is when most of the provisions of the Banking Recovery and Resolution Directive will come into force. The BoE’s approach covers choosing a resolution strategy and conducting a resolution, from the stabilization phrase, to the restructuring phrase through to exit, including transfers and bail-in options. The document does not set out the BoE’s approach to resolution of central counterparties, which the BoE confirms will be set out in separate documentation.
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