(1) The Bank must give the group-level resolution authority and the other members of the college a notice -
(a) stating that it has decided that the failing subsidiary meets the conditions for resolution; and
(b) proposing measures for taking resolution action or insolvency proceedings in respect of the failing subsidiary.
(2) The Bank may take the notified measures unless it receives a proposal for a group resolution scheme from the group-level resolution authority within -
(a) 24 hours beginning with the time at which it gives a notice under paragraph (1); or
(b) such longer period as it may allow the group-level resolution authority for making a relevant assessment.
(3) Where the Bank receives a proposal for a group resolution scheme within the period referred to in paragraph (2), it must defer a decision to take the notified measures or other resolution action or measures in respect of the failing subsidiary until it has taken steps to reach a joint decision on the adoption of