(1) It is a condition of the authorisation of a payment institution that the institution maintains its own funds at -
(a) the higher of -
(i) the amount required by virtue of Regulation 11 as its initial capital, or
(ii) the amount calculated by whichever of Methods A, B and C the Bank permits the institution, under paragraph (2), to use, or
(b) in the case of a payment institution that the Bank permits, under paragraph (5), not to make a calculation by any of methods A, B or C, the amount required by virtue of Regulation 11 as its initial capital.
(2) Subject to paragraph (5), the Bank shall direct a payment institution in writing to employ Method A, Method B or Method C to calculate the amount of own funds that the payment institution must hold.
(a) direct a payment institution under paragraph (2) to employ a method of calculation other than the method it directed a payment institution to employ for the purposes of its application for authorisation, and
(b) di