(1) The resolution authority shall, subject to Regulation 9(2), make a proposed resolution order in relation to an institution referred to Regulation 2(1)(a) only where it forms the opinion that all of the following conditions are met:
(a) the determination that the institution is failing or is likely to fail has been made by the competent authority having consulted the resolution authority;
(b) having regard to timing and other relevant circumstances, there is no reasonable prospect that any alternative private sector measures, including measures by an institutional protection scheme, or supervisory action, including early intervention measures or the write-down or conversion of relevant capital instruments and eligible liabilities in accordance with Regulation 95(1), taken in respect of the institution, would prevent the failure of the institution within a reasonable timeframe;
(c) a resolution action is necessary in the public interest pursuant to paragraph (7);
(d) there has been c
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