Bank Recovery Resolution Directive:
"Article 34
General principles governing resolution
Member States shall ensure that, when applying the resolution tools and exercising the resolution powers, resolution authorities take all appropriate measures to ensure that the resolution action is taken in accordance with the following principles:
- the shareholders of the institution under resolution bear first losses;
- creditors of the institution under resolution bear losses after the shareholders in accordance with the order of priority of their claims under normal insolvency proceedings, save as expressly provided otherwise in this Directive;..."
http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex:32014L0059