(1) The Bank shall consult the competent authorities of another Member State before taking a draft decision to propose to the ECB to grant a Class 1 authorisation where the applicant is -

(a) a subsidiary of a credit institution authorised in that other Member State,

(b) a subsidiary of the parent undertaking of a credit institution authorised in that other Member State, or

(c) controlled by the same natural or legal persons as those who control a credit institution authorised in that other Member State.

(2) The Bank shall, before taking a draft decision to propose to the ECB to grant a Class 1 authorisation, consult the competent authority that is responsible for the supervision of insurance undertakings or investment firms in the Member State concerned where the credit institution is -

(a) a subsidiary of an insurance undertaking or investment firm authorised in the European Union,