57N.—(1) If the F474[Bank] has made an appealable decision, an affected person may make a written request to F474[the Bank] for a statement setting out the reasons for the decision.

(2) As soon as practicable, but in any case not later than 28 days, after receiving such a request, the F474[Bank] shall prepare a written statement of reasons for the decision and give it to the person who made the request.

(3) The statement of reasons must specify—

(a) the findings on material questions of fact, referring to the evidence or other material on which those findings were based, and

(b) the F474[Bank]’s understanding of the applicable law, and

(c) the reasoning processes that led F474[the Bank] to the conclusions that it came to.]