(1)Where an emergency situation arises, including a situation as described in Article 18 of Regulation (EU) No 1093/2010, or a situation of adverse developments in markets, which potentially jeopardises the market liquidity and the stability of the financial system in any of the Member States where entities of a group have been authorised or where significant branches, as referred to in Regulation 47, are established, the Bank, where it is responsible for supervision on a consolidated basis, shall, subject to -

(a) section 33AK of the Act of 1942,

(b) Regulations 50A, 50B and 51, and

(c) where applicable, Regulations 13, 14 and 15 of the European Union (Investment Firms) Regulations 2021 (S.I. No. 355 of 2021),

alert, as soon as is practicable, the EBA and the authorities referred to in Articles 58(4) and 59 of the Capital Requirements Directive and shall communicate all information essential for the pursuance of their tasks.