Exclusion on grounds of avoidance of a decrease in value under Article 44(3)(d) of Directive 2014/59/EU
Article 9
1. Resolution authorities 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, resolution authorities shall compare and evaluate the outcome for all creditors resulting from a potential bail-in and non-bail-in, in accordance with Article 36(16) and Article 49(5) of Directive 2014/59/EU.