S.L. 330.9 Art. 50Rate of conversion of debt to equity.

(1) When the Resolution Committee exercises the powers specified in regulation 59(3) and regulation 63(1)(f), they may apply a different conversion rate to different classes of capital instruments and liabilities in accordance with one or both of the principles referred to in sub-regulations (2) and (3).

(2) The conversion rate shall represent appropriate compensation to the affected creditor for any loss incurred by virtue of the exercise of the write down and conversion powers.

(3) When different conversion rates are applied according to sub-regulation (1), the conversion rate applicable to liabilities that are considered to be senior under applicable insolvency law shall be higher than the conversion rate applicable to subordinated liabilities.