The Key Attributes call on jurisdictions to put in place an ongoing recovery and resolution planning process to promote resolvability as part of the overall supervisory process (see Key Attribute 11). The process should involve the resolution authorities and all other relevant authorities.

1. Objectives and governance of the RRP

1.1 An adequate, credible RRP is required for any firm when its failure is assessed by its home authority to have a potential impact on financial stability. This would include, at a minimum, all G-SIFIs (see Key Attribute 11.2).

1.2 The RRP should take account of the specific circumstances of the firm and reflect the nature, complexity, interconnectedness, level of substitutability and size of the firm.

1.3 The underlying assumptions of the RRP and stress scenarios should be sufficiently severe. Both firm (group) specific and system-wide stress scenarios should be considered taking into account the potential impact of cross-border contagion in crisis scenarios, as well as simultaneous stress situations in several significant markets. RRPs should make no assumption that taxpayers' funds can be relied on to resolve the firm.

1.4 RRPs should serve as guidance to firms and authorities in a recovery or resolution scenario. They do not in any way imply that the authorities would be obliged to implement them, or be prevented from implementing a different strategy in the event that the firm needs to be resolved.