Recital 1

(1)Article 55(2), first subparagraph, of Directive 2014/59/EU requires Member States to ensure that where an institution or entity referred to in Article 1(1), points (b), (c) and (d) of that Directive reaches the determination that it is legally or otherwise impracticable to include in the contractual provisions governing a relevant liability the contractual term referred to in Article 55(1) of Directive 2014/59/EU (‘the contractual term’), that institution or entity is to notify its determination to the resolution authority.