S.L. 330.9 Art. 69Power to suspend certain obligations.

(1) The Resolution Committee may suspend any payment or delivery obligations pursuant to any contract to which an institution under resolution is a party from the publication of a notice of the suspension in accordance with regulation 83(4) until midnight at the end of the business day following that publication.

(2) When a payment or delivery obligation would have been due during the suspension period, the payment or delivery obligation shall be due immediately upon expiry of the suspension period.

(3) If the payment or delivery obligations under a contract of an institution under resolution are suspended under sub-regulation (1), the payment or delivery obligations of the counterparties of the institution under resolution under that contract shall be suspended for the same period of time.

(4) Any suspension under sub-regulation (1), shall not apply to payment and delivery obligations owed to the following:

(a) systems and operators of systems designated in accordance with Directive 98/26/EC;

(b) central counterparties authorised in the European Union pursuant to Article 14 of Regulation (EU) No 648/2012 and third-country central counterparties recognised by ESMA pursuant to Article 25 of the said Regulation;

(c) central banks.

(5) When exercising a power under this regulation, the Resolution Committee shall have regard to the impact the exercise of that power might have on the orderly functioning of financial markets.

Provided that, the Resolution Committee shall set the scope of that power having regard to the circumstances of each case and shall carefully assess the appropriateness of extending the suspension to eligible deposits, especially to covered deposits held by natural persons and micro, small and medium-sized enterprises:

Provided further that, where the power to suspend payment or delivery obligations is exercised in respect of eligible deposits, the Resolution Committee shall ensure that depositors have access to an appropriate daily amount from those deposits.