  FO Aquarii, an asynchronous magnetic cataclysmic variable (intermediate
polar) went into a low-state in 2016, from which it slowly and steadily
recovered without showing dwarf nova outbursts. This requires explanation since
in a low-state, the mass-transfer rate is in principle too low for the disc to
be fully ionized and the disc should be subject to the standard thermal and
viscous instability observed in dwarf novae. We investigate the conditions
under which an accretion disc in an intermediate polar could exhibit a
luminosity drop of 2 magnitudes in the optical band without showing outbursts.
We use our numerical code for the time evolution of accretion discs, including
other light sources from the system (primary, secondary, hot spot). We show
that although it is marginally possible for the accretion disc in the low-state
to stay on the hot stable branch, the required mass-transfer rate in the normal
state would then have to be extremely high, of the order of 10$^{19}$ gs$^{-1}$
or even larger. This would make the system so intrinsically bright that its
distance should be much larger than allowed by all estimates. We show that
observations of FO Aqr are well accounted for by the same mechanism that we
have suggested as explaining the absence of outbursts during low states of VY
Scl stars: during the decay, the magnetospheric radius exceeds the
circularization radius, so that the disc disappears before it enters the
instability strip for dwarf nova outbursts. Our results are unaffected, and
even reinforced, if accretion proceeds both via the accretion disc and directly
via the stream during some intermediate stages; the detailed process through
which the disc disappears still needs investigations.
