(1) Where -

(a) a set or subset of exposures referred to in Regulation 123E is subject to one or more systemic risk buffers, and

(b) the setting or resetting of a systemic risk buffer rate or rates by the Bank would result in a combined systemic risk buffer rate greater than 3 per cent and less than or equal to 5 per cent for any of those exposures,

the Bank shall request, in the notification submitted in accordance with Regulation 123H, the opinion of the European Commission on the proposed setting or resetting of the rate or rates, as the case may be.

(2) Where the opinion of the European Commission on the proposed setting or resetting of the rate or rates, as the case may be, referred to in paragraph (1) is negative, the Bank shall comply with that opinion or give reasons for not doing so.

(3) Where -

(a) paragraph (1) applies,

(b) an institution to which one or more systemic risk buffer rates referred to in paragraph (1)(b) would apply is a subsidiary, and