3. Article 48(2) of Directive 2014/59/EU states that resolution authorities shall allocate the …

Article 48(2) of Directive 2014/59/EU states that resolution authorities shall allocate the losses equally between shares or other instruments of ownership and eligible liabilities of the same rank except where discretionary exclusions from bail-in under Article 44(3) of Directive 2014/59/EU result in a different allocation of losses amongst liabilities of the same rank. In this case, the level of writedown or conversion applied to other eligible liabilities may be increased under Article 44(3), provided that the level of writedown and conversion complies with the no creditor worse off safeguard (NCWO) referred to in Article 34(1), (g) of that directive.

1. Overview

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

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