(1) Subject to Regulation 12(3), the Bank shall direct an applicant in writing to employ Method A, Method B or Method C to calculate the amount of own funds that the applicant must hold.
(2) Regardless of the method that an applicant is to use in calculating own funds, in doing so, the applicant may take into account only components referred to in Regulations 3 and 9 of the European Communities (Capital Adequacy of Credit Institutions) Regulations 2006 (S.I. No. 661 of 2006), subject to Regulations 7 and 8 and the limits set out in Regulation 11, of those Regulations.
(3) Regardless of the method that an applicant is to use in calculating own funds, in doing so -
(a) where the applicant belongs to the same group as another payment institution, credit institution, investment firm, asset management company or insurance undertaking, the applicant shall not take into account elements that also form part of a calculation of own funds for another member of the group, and
(b) where the a