This supervisory statement (SS) sets out the Prudential Regulation Authority’s (PRA’s) expectations on the content of recovery plans and group recovery plans (jointly referred to as ‘recovery plans’).
The SS is relevant to UK banks, building societies, PRA-designated investment firms and qualifying parent undertakings (‘firms’) to which the Recovery Planning Part of the PRA Rulebook applies.
This SS complements and should be read in conjunction with:
- the Recovery Planning Part of the PRA Rulebook;
- the Commission Delegated Regulation (EU) 2016/1075;
- the European Banking Authority (EBA) ‘Guidelines on the range of scenarios to be used in recovery plans’;
- the EBA ‘Guidelines on the minimum list of qualitative and quantitative recovery plan indicators’; and
- the EBA ‘Recommendation on the coverage of entities in a group recovery plan’.
This SS reflects the PRA’s current expectations and may be revised as recovery planning becomes further embedded in firms’ risk management practices. It supersedes SS18/13 ‘Recovery planning’.