(1) The resolution authority, when applying resolution tools and exercising resolution powers, shall take all appropriate measures to ensure that they are applied or exercised in accordance with the following principles:
(a) shareholders of the institution under resolution bear first losses;
(b) creditors of the institution under resolution bear losses after the shareholders in accordance with the order of priority of their claims under normal insolvency proceedings, save as expressly provided otherwise in these Regulations;
(c) the management body and senior management of the institution under resolution are replaced, other than in those cases where the retention of the management body and senior management, in whole or in part, as appropriate to the circumstances, is considered to be necessary by the resolution authority for the achievement of the resolution objectives;
(d) the management body and senior management of the institution under resolution shall provide all necessary assis
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