5. Article 48(4) of Directive 2014/59/EU provides that when resolution authorities reduce, but not …

Article 48(4) of Directive 2014/59/EU provides that when resolution authorities reduce, but not to zero, the principal amount of an instrument according to paragraph 3 of that Article, they shall respect the creditor hierarchy and apply the write down and conversion powers to the residual amount of that principal in accordance with the regime of paragraph 1. Furthermore, Article 48(5) provides that when deciding on whether liabilities are to be written down or converted into equity, resolution authorities shall not convert one class of liabilities, while a class of liabilities that is subordinated to that class remains substantially unconverted into equity or not written down, unless otherwise permitted under Article 44(2) and (3) of Directive 2014/59/EU.

1. Forbhreathnú

1.1 Tagairtí

1.2 Ceanglais aitheanta

1.3 Caighdeáin ghaolmhara

2. Ceanglais aitheanta

3. Caighdeáin ghaolmhara

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