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(7)

The Central Bank may: (a)

approve the report or additional report mentioned in subsection (3) or (6) without modification; approve the report or additional report mentioned in subsection (3) or (6) subject to such conditions as it considers necessary; or

(b)

(c)

refuse to approve the report.

(8) On the basis of the report and with the approval of the Central Bank, the official administrator shall implement the plan of action.

(9) In carrying out any resolution pursuant to this Part, the Central Bank shall take into account the order of priorities of claims that would be applicable in liquidation, as set out in section 153 and ensure that similarly situated creditors are treated in a similar manner. (10) The Central Bank may take any action otherwise authorised by this Part that does not comply with subsection (9) if it determines that the category of claims that are benefitted by an action are of strategic importance to the economy or that the action is necessary to contain potential systemic impact in connection with the resolution of the licensed financial institution or to maximise the value for the benefit of all creditors as a whole. (11) The official administrator and the Central Bank shall have no liability to depositors, creditors, and shareholders of the licensed financial institution or licensed financial holding company as a result of actions taken in accordance with this Part, except to the extent that the amount received by a depositor, creditor, or shareholder as a result of the completion of the plan of action is less than the amount that would have been received if the licensed financial institution or licensed financial holding company had been liquidated and wound up under Part X.

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