(1) An authorised payment institution must maintain at all times own funds equal to or in excess of the greater of -
(a) the amount of initial capital specified in Part 1 of Schedule 3 (capital requirements), or
(b) in the case of an authorised payment institution which does not fall within paragraph (2), the amount of own funds calculated in accordance with Part 2 of Schedule 3.
(2) An authorised payment institution falls within this paragraph if -
(a) it does not offer payment services specified in paragraph 1(a) to (f) of Schedule 1 (payment services other than payment initiation services or account information services); or
(i) it is included in the consolidated supervision of a parent credit institution in accordance with the capital requirements regulation and CRR rules (as defined in section 144A of the 2000 Act); and
(ii) all of the conditions specified in Article 7(1) of the capital requirements regulation are met in respect of it.
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