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7. In section 6B (mandatory write-down, conversion, etc of capital instruments)(1)—
(a)in subsection (2)—
(i)in paragraph (b), after the semi-colon, omit “and”;
(ii)in paragraph (c) after “the principal amount of Tier 2 instruments” insert “of the bank”;
(iii)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.”;
(b)in subsection (3)—
(i)in paragraph (b), for “or Tier 2 instruments” substitute “, Tier 2 instruments or relevant internal liabilities”;
(ii)in paragraph (c), after “capital instruments” insert “or relevant internal liabilities”.
Section 6B was inserted by S.I. 2014/3329.
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