Article 20 15.

The valuation shall be an integral part of the decision on the application of a resolution tool or on the exercise of a resolution power or the decision on the exercise of the write-down or conversion power of ►M1  capital instruments and eligible liabilities in accordance with Article 21 ◄ . The valuation itself shall not be subject to a separate right of appeal but may be subject to an appeal together with the decision of the Board.