Exclusion on grounds of impossibility to bail-in under Article 44(3)(a) of Directive 2014/59/EU
Article 5
1. Resolution authorities may only exclude a liability or class of liabilities from the exercise of the bail-in tool where the obstacles invoked for such exercise do not allow for it to take place within a reasonable time, despite every best effort of the resolution authority. 2. With regard to paragraph 1, resolution authorities shall, in particular, satisfy the following requirements before making a determination as to the exclusion referred to therein: (a) the obligation of the resolution authority, to provide in the resolution plan, a description of the processes for ensuring availability within an appropriate time frame of the information required for the purposes of valuation pursuant to Articles 36 and 49 of Directive 2014/59/EU; (b) the obligation of the resolution authority to address any impediments to resolvability of the institution including the circumstances resulting in a potential exclusion which could be foreseen in the resolution planning process when those potential exclusions amount to impediments to resolvability.