An institution needs the competent authority's prior permission to reduce, redeem or repurchase Common Equity Tier 1 instruments, to reduce, distribute or reclassify related share premium, or to call, redeem, repay or repurchase Additional Tier 1 or Tier 2 instruments before contractual maturity, and the resolution authority's prior permission for eligible liabilities instruments. Permission is given where the instruments are replaced beforehand or simultaneously by own funds of equal or higher quality on terms sustainable for income capacity, or where own funds and eligible liabilities would remain above requirements by the margin the authority considers necessary. A general prior permission may be granted for up to one year and a predetermined amount (for Common Equity Tier 1 at most 3 % of the issue and 10 % of the surplus over requirements and margin; for Additional Tier 1 or Tier 2 at most 10 % of the issue and 3 % of the outstanding amount). Calls before five years need the additional conditions of Article 78(4).
The graph holds this control, the 0 it maps to, and the evidence behind each claim, over MCP and REST.