9. They serve to clarify how resolution authorities should take into account the contractual …

They serve to clarify how resolution authorities should take into account the contractual features of instruments issued by the entity subject to use of the bail-in or PONV power which qualify as additional T1 or T2 instruments according to the framework laid down in Regulation (EU) No 575/2013 and Directive 2013/36/EU when determining the order of the writedown or conversion. In some cases the latter framework recognises instruments as capital instruments, but due to particular contractual features they are fully or partially excluded from the calculation of ‘own funds’. Resolution authorities should ensure that the treatment of instruments in the same category of the sequence of writedown and conversion described in Article 48(1) or Article 60(1) of Directive 2014/59/EU is compliant with the creditor hierarchy in normal insolvency proceedings.

1. Forbhreathnú

1.1 Tagairtí

1.2 Ceanglais aitheanta

1.3 Caighdeáin ghaolmhara

2. Ceanglais aitheanta

3. Caighdeáin ghaolmhara

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