1. In emergency situations, competent authorities may permit institutions to include in Common Equity Tier 1 capital instruments that comply at least with the conditions laid down in points (b) to (e) of Article 28(1) where all the following conditions are met:
(a) the capital instruments are issued after 1 January 2014;
(b) the capital instruments are considered State aid by the Commission;
(c) the capital instruments are issued within the context of recapitalisation measures pursuant to State aid-rules existing at the time;
(d) the capital instruments are fully subscribed and held by the State or a relevant public authority or public-owned entity;
(e) the capital instruments are able to absorb losses;
(f) except for the capital instruments referred to in Article 27, in the event of liquidation, the capital instruments entitle their owners to a claim on the residual assets of the institution after the payment of all senior claims;
(g) there are adequate exit mechanisms of the State or
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