(1) In this Regulation 'relevant instrument', subject to paragraph (4), means an instrument issued on or after 28 December 2020 that is -
(a) an eligible liability which meets all of the conditions referred to in Article 72a of the Union Capital Requirements Regulation except for point (b) of Article 72a(1) and paragraphs 3 to 5 of Article 72b of that Regulation,
(b) an Additional Tier 1 instrument, or
(2) A relevant instrument shall not be issued with a denomination of less than €100,000.
(3) A relevant instrument with a denomination of less than €100,000 shall not be sold to a retail client (within the meaning of point 11 of Article 4(1) of Directive 2014/65/EU [OJ No. 173, 12.6.2014, p. 349]) in the State.
(4) For the purposes of this Regulation, a reference to a relevant instrument shall not include ordinary shares regardless of whether such shares are recognised in Common Equity Tier 1, Additional Tier 1 or Tier 2 capital.