1. For the purposes of Article 47(4) of Regulation (EU) No 648/2012, where cash is deposited other than with a central bank then such deposit shall meet each of the following conditions:

(a) the deposit is in one of the following currencies:

(i) a currency the risks of which the CCP can demonstrate with a high level of confidence that it is able to manage;

(ii) a currency in which the CCP clears transactions, in the limit of the collateral received in that currency;

(b) the deposit shall be placed with one of the following entities:

(i) an authorised credit institution as defined under Directive 2006/48/EC that the CCP can demonstrate to have low credit risk based upon an internal assessment by the CCP. In performing such assessment the CCP shall employ a defined and objective methodology that shall not fully rely on external opinions and that takes into consideration the risk arising from the establishment of the issuer in a particular country;