Resolution planning

Supervisory Statement 19/13

Update 31 August 2018

PRA Supervisory Statement (SS)19/13 'Resolution Planning' sets out the resolution planning information that firms are expected to provide to the PRA in accordance with the PRA’s Resolution Pack rule in the PRA Rulebook.

In October 2017, the European Banking Authority (EBA) consulted on changes to the Implementing Technical Standards (ITS) on information for resolution planning with the aim of further harmonising data collections and facilitating data exchange within resolution colleges. The ITS was submitted to the European Commission for approval on 17 April 2018. It stipulates that firms are expected to start reporting using the new templates by the end of May 2019 at the latest. The ITS sets minimum data requirements and will be directly applicable to firms. 

National Resolution Authorities can set alternative requirements for firms subject to Simplified Obligations (SO) as defined in the EBA Regulatory Technical Standards (RTS) on SO. The EBA RTS on SO is expected to come into force later this year. The Bank of England (the Bank) as the UK Resolution Authority anticipates that all UK-headquartered firms that have been notified that their preferred resolution strategy does not involve the use of stabilisation powers, will be subject to SO in respect of resolution planning. As such, these firms will not need to submit the ITS templates unless the Bank informs them otherwise. The Bank will also inform subsidiaries of third country groups where these are not subject to SO. Firms subject to SO should continue to follow the expectations set out in SS19/13 in respect of Phase 1 resolution planning data submissions.

Assuming the European Commission approves the ITS in its current form, all non-SO firms will be required to submit the templates on an annual basis in accordance with the ITS. The Bank expects firms to submit information in XBRL format. The Bank and the PRA recognise, however, that this could lead to duplicative reporting and put undue pressure on firms. In light of this, as of August 2018 the PRA has decided to delay resolution pack Phase 1 submissions under SS19/13 for these firms until 2020 (or later as required by your supervisor), as we assess the impact of the ITS on the expectations in SS19/13. During this period, resolution planning information can still be requested from firms under SS19/13 Phase 2 requirements.

Your supervisory contact will be in touch with you by 6 September if you are affected. If you expect to be contacted but haven’t been, or if you have any queries, please get in touch with your usual supervisory contact.

Update 13 June 2018

Supervisory Statement 19/13 was updated following PS11/18 ‘Resolution planning: MREL reporting’, and takes effect from Tuesday 1 January 2019. It is available under ‘Future versions’ in the table below.

Update 16 January 2015

Supervisory Statement 19/13 was updated following Policy Statement 1/15 ‘Implementing the Bank Recovery and Resolution Directive’. SS19/13 sets out the PRA's expectations for the information that firms should provide to the regulator to aid resolution planning.

Published on 19 December 2013

The Resolution planning supervisory statement sets out our expectations for the information that firms should provide to us to aid resolution planning. 

Updates

Date of publication  Supervisory Statement  Update detail  Effective from 
Current version
16 January 2015 PDF Supervisory Statement 19/13 - January 2015  This SS was updated following Policy Statement 1/15 ‘Implementing the Bank Recovery and Resolution Directive'  16 January 2015
Future version
13 June 2018

PDFSupervisory Statement 19/13 - June 2018

This SS was updated following PS11/18 ‘Resolution planning: MREL reporting’

1 January 2019

Appendix Templates MRL001-MRL003 and guidance 1 January 2019
Past version
19 December 2013 PDF Supervisory Statement 19/13  Initial publication following Policy Statement 8/13 ‘Supervisory tools: Recovery and resolution plans’  19 December 2013
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