Article 148 Meeting minimum requirement through contractual bail-in instruments etc

a minimum requirement is determined in accordance with Chapter 1 for an institution authorised by the PRA or FCA;

a minimum requirement is determined in accordance with Chapter 4 F1... for an undertaking set up in the United Kingdom; or

a minimum consolidated requirement is determined in accordance with Chapter 2 F2... for a relevant group.

contains a contract term that where the Bank decides to apply the stabilisation option referred to in paragraph (c) of section 1(3) of the Banking Act 2009 M1 (the bail-in option) in respect of the institution, undertaking or relevant group concerned, the instrument is to be written down or converted to the extent required before other eligible liabilities are written down or converted; and

is subject to a binding subordination agreement, undertaking or provision under which, in the event that normal insolvency proceedings are commenced, the instrument ranks below other eligible liabilities and cannot be repaid until other eligible liabilities outstanding on the date of commencement of the insolvency proceedings have been repaid.