Title I – Subject matter and scope

These guidelines specify the range of scenarios of severe macroeconomic and financial distress to be used for Article 5(6) and Article 7(6) of Directive 2014/59/EU³ .

³ Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, (OJ L 173, 12.6.2014, p.190).

The objective of preparing the range of scenarios is to define a range of hypothetical events against which the effectiveness of recovery options and the adequacy of indicators contained in the recovery plan shall be tested.

These guidelines are subject to determinations made regarding the extent to which details of recovery plans apply in accordance with Article 4 of Directive 2014/59/EU.