(1) Where, on or before IP completion day -

(a) an EEA authority set a buffer rate ("the EEA buffer rate") for that EEA state for the purpose of enabling institutions in that EEA State to calculate their institution-specific countercyclical capital buffer,

(b) the EEA buffer rate exceeded 2.5%, and

(c) the EEA buffer rate was recognised by the FPC, so that UK institutions with exposures located in that EEA State could be required by the PRA and FCA to apply it in their calculation of their institution-specific countercyclical capital buffer,

the FPC's decision to recognise the EEA buffer rate must be treated after IP completion day as though it were a decision made under regulation 15 of these Regulations.