Regulation 7 Mandatory write-down, conversion etc.

in paragraph (b), after the semi-colon, omit “and”;

in paragraph (c) after “the principal amount of Tier 2 instruments” insert “of the bank”;

after paragraph (c), insert—

“and

(d)

where this section applies by virtue of section 6A(3) (Case 2) and the bank is not a resolution entity, but is in a resolution group, the principal amount of the relevant internal liabilities is reduced or such liabilities are converted (directly or indirectly) into Common Equity Tier 1 instruments (or both)—

(i)

to the extent required to achieve the special resolution objectives set out in section 4 (so far as not achieved under paragraphs (b) and (c)), or

(ii)

to the extent of the capacity of such liabilities,

whichever is lower.”;

in paragraph (b), for “or Tier 2 instruments” substitute “, Tier 2 instruments or relevant internal liabilities”;

in paragraph (c), after “capital instruments” insert “or relevant internal liabilities”.