(1) 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 = K*SE

where -

OFR is the own funds requirement,

K is the scaling factor described in Regulation 15,

SE is -

(a) in a case in which the payment volume is less than or equal to €5,000,000, 4 per cent of the amount of the payment volume,

(b) in a case in which the payment volume is greater than €5,000,000 and less than or equal to €10,000,000, €200,000 plus 2.5 per cent of the amount by which the payment volume exceeds €5,000,000,

(c) in a case in which the payment volume is greater than €10,000,000 and less than or equal to €100,000,000, €325,000 plus one per cent of the amount by which the payment volume exceeds €10,000,000,