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Effective from Dec 10 2020 - Jun 15 2021 To view other versions open the versions tab on the right
The resolution procedures referred to in this Law shall be applied as follows:
1.
If the SIFI or the transitional entity is to be sold, the amount received by the owners and creditors, whose assets or liabilities are not transferred, shall not fall below what they would have received had the SIFI been liquidated at the start of the procedure.
2.
When the amendment of rights procedure is taken, the losses sustained by the owners and creditors whose rights have been amended may not exceed the losses they would have sustained had the SIFI been liquidated at the start of the procedure.
3.
In order to determine the rights of owners and creditors, as set forth in paragraphs (1) and (2) of this Article, the competent authority shall take any action necessary to assess the SIFI through an accredited valuer after implementing resolution procedures. The assessment stated herein shall aim to:
a)
determine the amounts the owners and creditors would have received had the SIFI been liquidated at the start of procedures;
b)
state the amounts received by the owners and creditors from resolution procedures; and
c)
determine the difference between what they have received in accordance with subparagraph (b) of this paragraph, and what they would have received in accordance with subparagraph (a) of this paragraph, and they shall be compensated for the difference by the resolution funds and the competent authority.
