Where a payment institution is directed by the Bank to calculate its own funds requirement in accordance with this Regulation, that payment institution’s own funds requirement shall be calculated as follows:
OFR = 0.1 * FO
where -
OFR is the own funds requirement, FO is -
(a) where the payment institution has completed a full year’s business at the date of the calculation, the amount of the fixed overheads of the payment institution for the previous year, subject to any adjustment applied by the Bank where there has been a material change in the business of the payment institution since the preceding year, or
(b) where the payment institution has not completed a full year’s business at the date of the calculation, the amount of the fixed overheads of the payment institution as projected in the business plan of the payment institution, subject to any adjustment to that business plan required by the Bank in accordance with Regulation 22.