1. Liabilities shall qualify as eligible liabilities instruments, provided that they comply with the conditions set out in this Article and only to the extent specified in this Article.
2. Liabilities shall qualify as eligible liabilities instruments, provided that all the following conditions are met:
(a) the liabilities are directly issued or raised, as applicable, by an institution and are fully paid up;
(b) the liabilities are not owned by any of the following:
(ii) an undertaking in which the institution has a direct or indirect participation in the form of ownership, direct or by way of control, of 20 % or more of the voting rights or capital of that undertaking;
(d) the claim on the principal amount of the liabilities under the provisions governing the instruments is wholly subordinated to claim…