Article 134 (4) of DR 2015/35 states that regarding Credit CAT risk the capital requirement for recession risk shall be equal to the loss in basic own funds that would result from an instantaneous loss of an amount that is equal to 100 % of the gross premiums earned during the following 12 months. Should the gross earned premium for the exposure to recession risk be deducted for expected claims and expected direct cost as, by our understanding, loss in basic own funds should correspond to loss of profit coming from 12 months gross premium earned?