(1) Subject to paragraph (4), a payment institution’s own funds shall not fall below -
(a) the higher of -
(i) the amount of initial capital required under Regulation 8, and
(ii) the own funds requirement of that payment institution calculated in accordance with a direction issued by the Bank under Regulation 11, or
(b) where paragraph (2) or (3) applies, the amount of initial capital required under Regulation 8.
(2) This paragraph applies where the Bank is satisfied that a payment institution -
(a) meets the conditions specified in Article 7 of Regulation (EU) No 575/2013, and
(b) is included in the consolidated supervision of the parent credit institution in accordance with Directive 2013/36/EU.
(3) This paragraph applies where a payment institution offers -
(a) only the services referred to in paragraph 7 of the Schedule, or
(b) only the services referred to in paragraphs 7 and 8 of the Schedule.
(4) Where a payment institution offers only the payment service referred to in paragr
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