shall treat assets that have been segregated in accordance with Article 11(3) of Regulation (EU) No 648/2012
in accordance with the underlying exposure
of those assets. Institutions
shall, however, subject those assets to higher required stable funding factors, depending on the term of encumbrance to be determined by the competent authorities
, who shall consider whether the institution
is able to freely dispose of or exchange such assets and shall consider the term of the liabilities to the institutions
' customers to whom that segregation requirement relates.