The reference to “their value” in Article 48(2) of Directive 2014/59/EU (BRRD) should be understood as an outstanding amount due. This amount is not always the same as the face value (notional amount). For instance, for certain claims it may include accrued interest while for liabilities arising from derivative contracts it would be established in accordance with Article 49 of Directive 2014/59/EU (BRRD), as part of the ex-ante valuation carried out under Article 36 BRRD.

Disclaimer:

This question goes beyond matters of consistent and effective application of the regulatory framework. A Directorate General of the Commission (Directorate General Financial Stability, Financial Services and Capital Markets Union) has prepared the answer, albeit that only the Court of Justice of the European Union can provide definitive interpretations of EU legislation. This is an unofficial opinion of that Directorate General, which the European Banking Authority publishes onits behalf. The answers are not binding on the European Commission as an institution. You should be aware that the European Commission could adopt a position different from the one expressed in such Q&As, for instance in infringement proceedings or after a detailed examination of a specific case or on the basis of any new legal or factual elements that may have been brought to its attention.