Article 15 1.

the shareholders of the institution under resolution bear first losses;

creditors of the institution under resolution bear losses after the shareholders in accordance with the order of priority of their claims pursuant to Article 17, save as expressly provided otherwise in this Regulation;

the management body and senior management of the institution under resolution are replaced, except in those cases where the retention of the management body and senior management, in whole or in part, as appropriate to the circumstances, is considered to be necessary for the achievement of the resolution objectives;

the management body and senior management of the institution under resolution shall provide all necessary assistance for the achievement of the resolution objectives;

natural and legal persons are made liable, subject to national law, under civil or criminal law, for their responsibility for the failure of the institution under resolution;

except where otherwise provided in this Regulation, creditors of the same class are treated in an equitable manner;

no creditor shall incur greater losses than would have been incurred if an entity referred to in Article 2 had been wound up under normal insolvency proceedings in accordance with the safeguards provided for in Article 29;

covered deposits are fully protected; and

resolution action is taken in accordance with the safeguards in this Regulation.