EBU Single Rulebook Q&A 8 December 2017 2017_3629 Reference to value in Article 48(2)

Does the reference to “value” in Article 48(2) refer to the “face value” (“notional amount”) or to the “market value”? Article 48(2) of Directive 2014/59/EU (BRRD) states: “When applying the write down and conversion powers, resolution authorities shall allocate the losses […] equally between shares or other instruments of ownership and eligiblebail-inable liabilities of the same rank by reducing