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1. Member States shall ensure that resolution authorities, when applying resolution tools and exercising resolution powers, have regard to the resolution objectives listed in paragraph 2, and choose the tools and powers that best achieve the objectives that are relevant in the circumstances of the case.

2. The resolution objectives are:

(a) protecting the collective interest of policy holders, beneficiaries and claimants;

(b) maintaining financial stability, in particular by preventing contagion and by maintaining market discipline;

(c) ensuring the continuity of critical functions;

(d) protecting public funds by minimising reliance on extraordinary public financial support. When pursuing the resolution objective referred to in the first subparagraph, point (c), resolution authorities shall choose those approaches in relation to critical functions that best preserve the continuity of insurance coverage for the policy holders. When pursuing the resolution objective referred to in the first subparagraph, point (d), resolution authorities shall, to the maximum extent possible, prioritise the use of financing sources other than the budget of the Member States, including financing arrangements as referred to in Article 81 and insurance guarantee schemes, where these are available for that purpose under applicable law. Member States shall ensure that resolution authorities, when pursuing the resolution objectives, seek to minimise the cost of resolution and avoid destruction of value unless necessary to achieve those resolution objectives.

3. The resolution objectives are of equal significance, and Member States shall ensure that resolution authorities balance them as appropriate to the nature and circumstances of each case.