(1) The Bank shall not authorise an applicant as a payment institution unless the applicant holds initial capital of at least -

(a) where the applicant proposes to provide only the payment service referred to in paragraph 6 of the Schedule, €20,000,

(b) where the applicant proposes to provide the payment service referred to in paragraph 7 of the Schedule, €50,000, and

(c) where the applicant proposes to provide a payment service referred to in any one or more of paragraphs 1 to 5 of the Schedule, €125,000.

(2) For the purposes of calculating an applicant’s initial capital, only the items referred to in Article 26(1)(a) to (e) of Regulation (EU) No 575/2013 shall be taken into account.