Article 59 4.

the institution or the entity referred to in point (b), (c) or (d) of Article 1(1) or the group is failing or likely to fail;

having regard to timing and other relevant circumstances, there is no reasonable prospect that any action, including alternative private sector measures or supervisory action (including early intervention measures), other than the write down or conversion of ►M3  capital instruments, or eligible liabilities as referred to in paragraph 1a ◄ , independently or in combination with a resolution action, would prevent the failure of the institution or the entity referred to in point (b), (c) or (d) of Article 1(1) or the group within a reasonable timeframe.