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1. Member States shall ensure that group-level resolution authorities, together with the resolution authorities of subsidiary undertakings, after having consulted the group supervisor and the supervisory authorities of such subsidiary undertakings, assess the extent to which groups are resolvable without the assumption of any extraordinary public financial support besides, where available and applicable, the use of insurance guarantee schemes or of any financing arrangements.

2. A group shall be deemed resolvable where it is feasible and credible for the resolution authorities either to wind up group entities under normal insolvency proceedings or to resolve that group by applying resolution tools to, and exercising resolution powers with respect to, group entities where they can be easily separated in a timely manner, or by any other means provided for under national law. The resolution colleges referred to in Article 70 shall take into account the assessment of group resolvability when discharging their functions.

3. Where a resolution authority concludes that resolution action may be necessary in the public interest because winding up under normal insolvency proceedings would not meet the resolution objectives to the same extent, it shall proceed to the following consecutive stages:

(a) select preferred resolution actions appropriate to achieve the resolution objectives given the structure and business model of the group;

(b) assess whether it is feasible to apply the selected resolution action effectively within an appropriate timeframe and identify potential impediments to its implementation;

(c) assess the credibility of the selected resolution action, taking into consideration the likely impact of resolution on the financial systems or real economies of the Member States or the Union and the protection of the collective interest of policy holders, beneficiaries and claimants, with a view to ensuring the continuity of critical functions carried out by the group.

4. Group-level resolution authorities shall make the resolvability assessment of groups at the same time as, and for the purposes of, the drawing up and updating of the group resolution plans in accordance with Article 10. The assessment shall be made under the decision-making procedure laid down in Article 11. When performing the assessment referred to in paragraph 1, group-level resolution authorities shall, as a minimum, examine the resolvability dimensions specified in the Annex.

5. For the purposes of the assessment of resolvability, the group-level resolution authority may request the group entities to provide all necessary information.