1. Resolution authorities shall not exclude a liability or class of liabilities from bail-in unless they fall within the list of liabilities in Article 44(2) of Directive 2014/59/EU.

2. A decision by the resolution authority to exclude a liability or class of liabilities from the application of the bail-in tool pursuant to Article 44(3) of Directive 2014/59/EU shall be based on a case-by-case analysis of the institution under resolution and shall not be automatic.

3. When considering exclusions pursuant to Article 44(3) of Directive 2014/59/EU and before completely excluding a liability or class of liabilities from bail-in, the resolution authority shall first consider the option to partially exclude that liability by limiting the extent of their write-down wherever possible.

4. In its determination as to whether a liability should be excluded pursuant to Article 44(3) Directive 2014/59/EU, the resolution authority shall assess whether the conditions therein are met at the time of the application of the bail-in tool to the institution. That assessment shall be without prejudice to the obligation of the resolution authority to follow the resolution plan as set out in Article 87 of Directive 2014/59/EU.