(1) Each institution that is required to draw up recovery plans under Regulations 11 and 14 shall submit those plans to the competent authority for review and such plans should demonstrate to the satisfaction of the competent authority that those plans meet the requirements and criteria referred to in paragraph (2).
(2) The competent authority shall, not later than 6 months from the date of submission of a recovery plan under paragraph (1), and after consulting the Union competent authorities of any Member State where significant branches are located insofar as is relevant to that branch, review the plan and assess the extent to which it satisfies the requirements set out in Regulation 11 and the following criteria:
(a) the implementation of the arrangements proposed in the plan is reasonably likely to maintain or restore the viability and financial position of the institution or of the group, taking into account the preparatory measures that the institution has taken or plans to take;
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