# Commission Delegated Regulation (EU) 2016/860 of 4 February 2016 specifying further the circumstances where exclusion from the application of write-down or conversion powers is necessary under Article 44(3) of Directive 2014/59/EU of the European Parliament and of the Council establishing a framework for the recovery and resolution of credit institutions and investment firms, Article 9: Exclusion on grounds of avoidance of a decrease in value under section 48B(12)(d) of the Banking Act 2009

Extent: E+W+S+N.I.

1. The resolution authority may exclude a liability or class of liabilities from a bail-in where such exclusion would avoid value destruction so that the holders of the non-excluded liabilities would be better off than they would be if the former were bailed-in.
2. In order to assess whether the condition in paragraph 1 is met, the resolution authority shall compare and evaluate the outcome for all creditors resulting from a potential bail-in and non-bail-in, in accordance with—
(a) any regulatory technical standards referred to in section 6E(10)(a) and 62A(2A)(a) of the Act or any regulatory technical standards contained in a Commission Regulation adopted by the European Commission under Article 49(5) of Directive 2014/59/EU so far as they are assimilated law; and
(b) any technical standards made under section 6E(11) or 62A(2B) of the Act or article 158(3) of the Bank Recovery and Resolution (No. 2) Order 2014.

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Source: https://www.legislation.gov.uk/eur/2016/860/article/9 (the official version)
Page: https://openlegislation.uk/eu-regulation-2016-860/article-9
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.