(1) The Court shall, on the application of the resolution authority, have the power to make an order (in these Regulations referred to as a 'capital instruments order') to write-down or convert relevant capital instruments and eligible liabilities into shares or other instruments of ownership of institutions and entities referred to in Regulation 2(1)(b) to (i).
(2)The power to write down or convert relevant capital instruments and eligible liabilities referred to in paragraph (1) may be exercised either -
(a) independently of resolution action, or
(b) in combination with a resolution action, where the conditions for resolution specified in Regulation 62, 62A or 63 are met.
(3) Where relevant capital instruments and eligible liabilities have been purchased by the resolution entity indirectly through other entities in the same resolution group, the power to write-down or convert those relevant capital instruments and eligible liabilities shall be exercised together with the exercise of
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