(1) In the event of non-compliance with the Solvency Capital Requirement and without prejudice to Regulation 146, the Bank, as the supervisory authority which authorised the subsidiary undertaking, shall, without delay, forward to the college of supervisors the recovery plan submitted by the subsidiary undertaking in order to achieve, within 6 months from the observation of noncompliance with the Solvency Capital Requirement, the re-establishment of the level of eligible own funds or the reduction of its risk profile to ensure compliance with the Solvency Capital Requirement.

(2) The Bank shall do everything within its power to reach an agreement with the college of supervisors on the proposal regarding the approval of the recovery plan within 4 months from the date on which non-compliance with the Solvency Capital Requirement was first observed.

(3) In the absence of such agreement, the Bank, as the supervisory authority which authorised the subsidiary undertaking, shall decide whether the recovery plan should be approved, taking due account of the views and reservations of the other supervisory authorities within the college of supervisors.