Resolution of domestic Union branches

(1) Where a domestic Union branch is not subject to third-country resolution proceedings, or is subject to third-country resolution proceedings and one of the circumstances under section 170 also applies at the same time, the resolution authority may take resolution action in respect of that Union branch, where it considers the resolution action necessary in the public interest, and where at least one of the following conditions is also satisfied: 1. the domestic Union branch no longer satisfies, or, in the resolution authority's view, is likely no longer to satisfy, the conditions applicable under German law for its authorisation and for carrying on its business, and there is no prospect that a measure of the private sector, of the supervisory authority, or of the third country in which the superordinate undertaking has its seat, will result in those conditions being satisfied again within a reasonable timeframe; 2. the third-country institution is, in the resolution authority's view, unable, likely to be unable, or unwilling, to meet its financial obligations towards creditors established or resident in Germany, or the obligations entered into by, or recorded at, the Union branch, as they fall due, and the resolution authority considers that no third-country resolution or insolvency proceedings have been, or will within a reasonable timeframe be, initiated in respect of the third-country institution; 3. the third-country authority has initiated third-country resolution proceedings in respect of the third-country institution, or has notified the resolution authority of its intention to initiate such third-country resolution proceedings.
(2) Where the resolution authority takes resolution action in respect of a domestic Union branch, it has regard to the resolution objectives, and takes that resolution action in accordance with the principles laid down in section 68 and the requirements connected with the resolution tools, insofar as those principles or requirements are relevant to the resolution action in question.