330That measure is also proportionate to the objective pursued, since the reasons set out in paragraphs 289 to 325 above apply to it mutatis mutandis. In particular, first of all, it should be noted that the reduction of the nominal value of the shares in BoC was designed to contribute to the recapitalisation of that bank, as is referred to in paragraph 1.26 of the MoU of 26 April 2013. As such and in light of the considerations set out in paragraphs 294 to 296 above, that measure was capable of contributing to the objective of ensuring the stability of the Cypriot financial system and that of the euro area as a whole. Next, it must be considered that that measure does not exceed the limits of what is appropriate and necessary in order to achieve that objective. For the reasons set out in paragraphs 302 to 316 above, the less restrictive alternatives referred to by the applicants either were not feasible, or would not have allowed the expected outcome to be achieved. Finally, it must be considered that, in the light also of the importance of the objective pursued, the measure at issue does not create disproportionate disadvantages. First, if the establishment of deposits with credit institutions, such as the banks concerned, is not risk-free, that is all the more the case with respect to the acquisition of shares in such institutions. Unlike depositors, whose deposits are, at least in part, protected in the event of deposits becoming unavailable, shareholders of banks bear, in principle, the full risk of their investments. It must in addition be pointed out that section 3(2)(a) and (b) of the Law of 22 March 2013 provides that the shareholders of an institution under resolution are to be the first to be liable for any losses resulting from the implementation of resolution measures, whereas the creditors of such an institution are liable for those losses only after the shareholders. The shareholders of BoC must therefore have been aware of the risk of losing their investment. Secondly, it should be noted that, like the depositors in BoC, its shareholders benefited from the guarantees referred to in section 12(14) of the Law of 22 March 2013.
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