(1) Paragraph (2) applies if -

(a) the Financial Policy Committee has given a direction to the PRA or the FCA under section 9H of the 1998 Act which specifies a maximum loan-to-value percentage or a minimum interest coverage ratio ("the first direction");

(b) the Financial Policy Committee revokes the first direction; and

(c) within a reasonable period of time after the revocation of the first direction, the Financial Policy Committee gives another direction to the PRA or the FCA under section 9H of the 1998 Act ("the subsequent direction") which is in substance identical to the first direction except in relation to the values specified in the direction.

(2) To the extent that the subsequent direction is implemented by way of rules pursuant to Part 9A or section 192XA of the Financial Services and Markets Act 2000 then -