Liabilities guaranteed by third parties subject to bail-in

The provisions regarding exclusion of "secured liabilities“ from bail-in contained in in Articles 2(2)(67) and 44(2)(b) of Directive 2014/59/EU (BRRD) seem to be ambiguous. We seek clarification as to whether liabilities guaranteed by third parties can be subject to bail-in?

Rec 70 of the BRRD states: “It is not appropriate to apply the bail-in tool to claims in so far as they are secured, collateralised or otherwise guaranteed. However, in order to ensure that the bail-in tool is effective and achieves its objectives, it is desirable that it can be applied to as wide a range of the unsecured liabilities of a failing institution as possible. […]” According to Article 2(1)(67): 'secured liability' means a liability where the right of the creditor to payment or other form of performance is secured by a charge, pledge or lien, or collateral arrangements including liabilities arising from repurchase transactions and other title transfer collateral arrangements. According to Article 44(2)(b) “Resolution authorities shall not exercise the write down or conversion powers in relation to the following liabilities whether they are governed by the law of a Member State or of a third country: […] (b) secured liabilities including covered bonds and liabilities in the form of financial instruments used for hedging purposes which form an integral part of the cover pool and which according to national law are secured in a way similar to covered bonds” Given the ambiguity that appears to exist between Articles 2(1)(67) and Article 44(2)(b). Clarification is sought as to whether liabilities guaranteed be third parties can be subject to bail in?