1. Electronic money institutions shall have investments of an amount of no less than their financial liabilities related to outstanding electronic money in the following assets only:
(a) asset items which according to Article 43(1)(a)(1), (2), (3) and (4) and Article 44(1) of Directive 2000/12/EC attract a zero credit risk weighting and which are sufficiently liquid;
(b) sight deposits held with Zone A credit institutions as defined in Directive 2000/12/EC; and
(c) debt instruments which are:
(i) sufficiently liquid;
(ii) not covered by paragraph 1(a);
(iii) recognised by competent authorities as qualifying items within the meaning of Article 2(12) of Directive 93/6/EEC; and
(iv) issued by undertakings other than undertakings which have a qualifying holding, as defined in Article 1 of Directive 2000/12/EC, in the electronic money institution concerned or which must be included in those undertakings' consolidated accounts.
2. Investments referred to in paragraph 1(b) and (c) may no