(a)

the instruments are issued and paid up;

(b)

the instruments are not purchased by any of the following:

(c)

the purchase of the instruments is not funded directly or indirectly by the institution;

(d)

the instruments rank below Tier 2 instruments in the event of the insolvency of the institution;

(e)

the instruments are not secured, or subject to a guarantee that enhances the seniority of the claims by any of the following:

(f)

the instruments are not subject to any arrangement, contractual or otherwise, that enhances the seniority of the claim under the instruments in insolvency or liquidation;

(g)

the instruments are perpetual and the provisions governing them include no incentive for the institution to redeem them;

(h)

where the provisions governing the instruments include one or more call options, the option to call may be exercised at the sole discretion of the issuer;

(i)

the instruments may be called, redeemed or repurchased only where the conditions laid down in Article 77 are met, and not before five years after the date of issuance except where the conditions laid down in Article 78(4) are met;

(j)

the provisions governing the instruments do not indicate explicitly or implicitly that the instruments would or might be called, redeemed or repurchased and the institution does not otherwise provide such an indication, except in the following cases:

(k)

the institution does not indicate explicitly or implicitly that the competent authority would consent to a request to call, redeem or repurchase the instruments;

(l)

distributions under the instruments meet the following conditions:

(m)

the instruments do not contribute to a determination that the liabilities of an institution exceed its assets, where such a determination constitutes a test of insolvency under applicable national law;

(n)

the provisions governing the instruments require that, upon the occurrence of a trigger event, the principal amount of the instruments be written down on a permanent or temporary basis or the instruments be converted to Common Equity Tier 1 instruments;

(o)

the provisions governing the instruments include no feature that could hinder the recapitalisation of the institution;

(p)

where the instruments are not issued directly by an institution, both the following conditions shall be met:

(a)

the form and nature of incentives to redeem;

(b)

the nature of any write up of the principal amount of an Additional Tier 1 instrument following a write down of its principal amount on a temporary basis;

(c)

the procedures and timing for the following:

(d)

features of instruments that could hinder the recapitalisation of the institution;

(e)

the use of special purposes entities for indirect issuance of own funds instruments.