1. Credit institutions shall comply at all times with the following requirements on the composition of their liquidity buffer:

(a) a minimum of 60 % of the liquidity buffer is to be composed of level 1 assets;

(b) a minimum of 30 % of the liquidity buffer is to be composed of level 1 assets excluding extremely high quality covered bonds referred to in Article 10(1)(f);

(c) a maximum of 15 % of the liquidity buffer may be held in level 2B assets.

2. The requirements set out in paragraph 1 shall be applied after adjusting for the impact on the stock of liquid assets of secured funding, secured lending or collateral swap transactions using liquid assets on at least one leg of the transaction where the transactions mature within 30 calendar days, after deducting any applicable haircuts and provided that the credit institution complies with the operational requirements laid down in Article 8. 

3. Credit institutions shall determine the composition of their liquidity buffer in accordance with the formulae laid down in Annex I to this Regulation.