57N. — (1) If the F447 [ Bank ] has made an appealable decision, an affected person may make a written request to F447 [ 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 F447 [ 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 F447 [ Bank ] ’ s understanding of the applicable law, and

( c ) the reasoning processes that led F447 [ the Bank ] to the conclusions that it came to. ]