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2.An institution may replace the 12-month period referred to in paragraph 1 by a 12-month period ending no earlier than one month before the previous reporting reference date referred to in Article 2(1), point (b), of Implementing Regulation (EU) 2021/451 (‘shifted period’), where all of the following conditions are met:
(a)the institution applies that shifted period consistently across all risk factors of the same type as the risk factor concerned;
(b)the institution applies that shifted period consistently over time;
(c)the institution provides the competent authority with a detailed description of the application of that shifted period.
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