1. Pursuant to Article 48(6) of Directive 2014/59/EU, these guidelines address the …

Pursuant to Article 48(6) of Directive 2014/59/EU, these guidelines address the interrelationship between Regulation (EU) No 575/2013 and Directive 2013/36/EU with Directive 2014/59/EU for the purposes of the sequence of writedown and conversion. The guidelines clarify this interrelationship for the purposes of Article 48 of Directive 2014/59/EU, which governs the sequence of writedown and conversion when the bail-in tool is applied. They are also relevant to Article 60 of Directive 2014/59/EU regarding the sequence of writedown and conversion of capital instruments at the point of non-viability (PONV). ‘Capital instruments’ for the purpose of these guidelines is taken to mean instruments which qualify as CET1, AT1 or T2 instruments for the purposes of Regulation (EU) No 575/2013.

1. Forbhreathnú

1.1 Tagairtí

1.2 Ceanglais aitheanta

1.3 Caighdeáin ghaolmhara

2. Ceanglais aitheanta

3. Caighdeáin ghaolmhara

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