1. For authorisation as a payment institution, an application shall be submitted to the competent authorities of the home Member State, together with the following:
(a) a programme of operations setting out in particular the type of payment services envisaged;
(b) a business plan including a forecast budget calculation for the first 3 financial years which demonstrates that the applicant is able to employ the appropriate and proportionate systems, resources and procedures to operate soundly;
(c) evidence that the payment institution holds initial capital as provided for in Article 7;
(d) for the payment institutions referred to in Article 10(1), a description of the measures taken for safeguarding payment service users' funds in accordance with Article 10;
(e) a description of the applicant's governance arrangements and internal control mechanisms, including administrative, risk management and accounting procedures as well as arrangements for the use of ICT services in accordance with
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