When applying the write down or conversion powers, resolution authorities shall allocate the losses represented by the sum of the amounts referred to in points (b) and (c) of Article 47(3) equally between shares or other instruments of ownership and
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bail-inable liabilities
◄ of the same rank by reducing the principal amount of, or outstanding amount payable in respect of, those shares or other instruments of ownership and
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bail-inable liabilities
◄ to the same extent pro rata to their value except where a different allocation of losses amongst liabilities of the same rank is allowed in the circumstances specified in Article 44(3).
This paragraph shall not prevent liabilities which have been excluded from bail-in in accordance with Article 44(2) and (3) from receiving more favourable treatment than
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bail-inable liabilities ◄ which are of the same rank in normal insolvency proceedings.