(1) Before taking resolution action or exercising the power to write-down or convert relevant capital instruments and eligible liabilities in accordance with Regulation 95, the resolution authority shall ensure that a fair, prudent and realistic valuation of the assets and liabilities of the institution or entity referred to in Regulation 2(1)(b) to (i) is carried out by a person independent from any public authority, including itself, and the institution or entity concerned.
(2) Subject to paragraph (12) and to Regulations 148 to 150, where all the requirements set out in this Regulation are met, the valuation shall be considered to be definitive.
(3) Where an independent valuation according to paragraph (1) is not possible, the resolution authority may carry out a provisional valuation of the assets and liabilities of the institution or entity referred to in Regulation 2(1)(b) to (i) in accordance with Regulation 66.
(4) The objective of the valuation shall be to assess the value of
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