(1) The resolution authority, after consulting with the competent authority which shall reply in a timely manner, may suspend any payment or delivery obligations pursuant to any contract to which an institution or an entity referred to in Regulation 2(1)(b) to (i) is a party, where all of the following conditions are met:
(a) a determination that the institution or entity is failing or likely to fail has been made under Regulation 62(1)(a);
(b) there is no immediately available private sector measure referred to in Regulation 62(1)(b) that would prevent the failure of the institution or entity;
(c) the exercise of the power to suspend is deemed necessary to avoid the further deterioration of the financial conditions of the institution or entity;
(d) the exercise of the power to suspend is either -
(i) necessary to reach the determination provided for in Regulation 62(1)(c), or
(ii) necessary to choose the appropriate resolution actions or to ensure the effective application of one or m
…