1. Crowdfunding service providers shall, at all times, have in place prudential safeguards equal to an amount of at least the higher of the following:
(a) EUR 25 000; and
(b) one quarter of the fixed overheads of the preceding year, reviewed annually, which are to include the cost of servicing loans for three months where the crowdfunding service provider also facilitates the granting of loans.
2. The prudential safeguards referred to in paragraph 1 of this Article shall take one of the following forms:
(a) own funds, consisting of Common Equity Tier 1 items referred to in Articles 26 to 30 of Regulation (EU) No 575/2013 of the European Parliament and of the Council [Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p. 1).] after the deductions in full, pursuant to Article 36 of that Regulation, without the applic
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