(1) Subject to Regulation 14(4) and (5), the Bank shall direct an applicant in writing to employ Method D to calculate the amount of own funds that the applicant must hold in respect of the issuance of electronic money.
(2) Subject to Regulation 14(5), 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 in respect of payment services in which an electronic money institution may engage which are not related to the issuance of electronic money.
(3) In calculating own funds, an applicant shall, regardless of the method used for that calculation -
(a) only take into account components referred to in point (118) of Article 4(1) of the Capital Requirements Regulation,
(b) ensure that at least 75 per cent of the applicant’s Tier 1 capital is in the form of Common Equity Tier 1 capital, and
(c) ensure that the value of the applicant’s Tier 2 capital is equal to or less than one third of the
…