(7)Given that a type of exposures may comprise exposures related to different businesses, sectors or geographical areas, an economic downturn for a type of exposures may comprise either one or several distinct ‘downturn periods’. A downturn period should be recognised as a period of specified time in which a relevant economic indicator shows its most severe 12-month value. If the peaks or troughs related to the most severe 12-month value observed for two or more economic indicators are reached simultaneously or shortly after each other, those economic indicators should all be attributed to the same ‘downturn period’. The reason for allowing for the possibility of an economic downturn comprising more than one distinct downturn period is to ensure that each relevant economic indicator is taken into account in specifying non-overlapping downturn periods which are to be analysed in the context of a downturn LGD estimation and a downturn CF estimation.