15. In relation to the requirement to a parent undertaking, or a company referred to in Article …

In relation to the requirement to a parent undertaking, or a company referred to in Article 1(c) and (d) to issue the debt instruments or loans referred to in Article 45 of Directive 2014/59/EU pursuant to point Article 17(5)(i) of Directive 2014/59/EU, the following specifications apply:

• (a) Dependent on the preferred resolution strategy, resolution authorities should consider requiring an institution at the appropriate level to issue a sufficient amount of liabilities expected to contribute to loss absorption and recapitalisation, taking into account potential losses in entities captured by the resolution strategy without sufficient liabilities expected to contribute to loss absorption and recapitalisation on their own, and where applicable, further entities belonging to the same group. Where the resolution strategy relies on the fungibility of liabilities expected to contribute to loss absorption and recapitalisation, resolution authorities should take into account local regulatory limits and existing group support agreements.
• (b) For an SPE strategy, liabilities contributing to loss absorption should be sufficient to absorb losses across the entire group and, in accordance with the resolution strategy, to ensure the integrity and operability of those parts of the group where critical functions are performed. In the absence of sufficient liabilities expected to contribute to loss absorption and recapitalisation at subsidiary level and if necessary to implement an SPE resolution strategy, resolution authorities should consider requiring the parent or holding company to provide funding to subsidiaries in subordinated form to facilitate the upstreaming of losses from the subsidiary, thereby avoiding entry into resolution of the subsidiary. A set-off between a subsidiary’s claims against the parent and the parent’s claims against the subsidiary should not be available.
• (c) For an MPE strategy, liabilities contributing to loss absorption should be sufficient at each point of entry to absorb losses across those entities included in the MPE resolution unit.

1. Forbhreathnú

1.1 Tagairtí

1.2 Ceanglais aitheanta

1.3 Caighdeáin ghaolmhara

2. Ceanglais aitheanta

3. Caighdeáin ghaolmhara

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