Article 34 1.

the shareholders of the institution under resolution bear first losses;

creditors of the institution under resolution bear losses after the shareholders in accordance with the order of priority of their claims under normal insolvency proceedings, save as expressly provided otherwise in this Directive;

management body and senior management of the institution under resolution are replaced, except in those cases when the retention of the management body and senior management, in whole or in part, as appropriate to the circumstances, is considered to be necessary for the achievement of the resolution objectives;

management body and senior management of the institution under resolution shall provide all necessary assistance for the achievement of the resolution objectives;

natural and legal persons are made liable, subject to Member State law, under civil or criminal law for their responsibility for the failure of the institution;

except where otherwise provided in this Directive, creditors of the same class are treated in an equitable manner;

no creditor shall incur greater losses than would have been incurred if the institution or entity referred to in point (b), (c) or (d) of Article 1(1) had been wound up under normal insolvency proceedings in accordance with the safeguards in Articles 73 to 75;

covered deposits are fully protected; and

resolution action is taken in accordance with the safeguards in this Directive.