(1) A resolution order may apply the bail-in tool to all liabilities of an institution or entity referred to in Regulation 2(1)(b) to (i) other than those excluded from the scope of the tool in accordance with paragraphs (2) to (9).
(2) A resolution order shall not exercise the write-down or conversion powers in relation to the following liabilities whether they are governed by the law of a Member State (including the State) or of a third country:
(b) secured liabilities, including -
(i) covered bonds, or
(ii) liabilities in the form of financial instruments used for hedging purposes which form an integral part of the cover pool and which, according to the law of the State, are secured in a way similar to covered bonds;
(c) any liability that arises by virtue of the holding by an institution or entity referred to in Regulation 2(1)(b) to (i) of client assets or client money, including client assets or client money held on behalf of -
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