Financial Institutions must carry out a comprehensive review of all aspects of the recovery plan, in particular of the recovery capacity, the recovery indicators and their thresholds, the scenarios and scenario testing:
14.1.1
At least annually, for domestic systemically important Financial Institutions;
14.1.2
At least every two years, for other Financial Institutions, except where required annually by the Central Bank; and
14.1.3
Upon a change to the Financial Institution’s legal or organizational structure, business model or financial situation that would have a material effect on the recovery plan.
14.2
The recovery plan must be submitted annually to the Central Bank. Where the recovery plan has not undergone a comprehensive review in accordance with Article 14.1 above, the outline of changes referred to in Article 2.2 must demonstrate that this was not required in accordance with Article 14.1.3 above by providing an assessment of the most important relevant events.
14.3
The Central Bank may require a Financial Institution to revise its recovery plan in accordance with the instructions and timeframes determined by the Central Bank.
14.4
Where the Central Bank judges a recovery plan to not meet the objectives of this regulation due to a lack of viable or effective recovery options or due to the presence of material impediments to their implementation, the Central Bank may require the Financial Institution to take specific measures that address these deficiencies.